Changes in the last few years have resulted in a transformation of the tax landscape for both residential and commercial property ownership in the UK – with further changes on the horizon. Our trusted experts deal with global clients with an interest in a UK property in the form of onshore or offshore companies or trusts. Our aim is to provide solutions – and help you understand the complex issues on ownership structures – whether that be as straightforward as holding the property outright, or more complex arrangements that may require a Trust and/or Company.
There is a wide variety of taxes to think about at different stages of property ownership – Stamp Taxes, VAT, Corporation Tax, Inheritance Tax (IHT), Capital Gains Tax (CGT) and Annual Tax on Enveloped Dwellings (ATED).
Our clients matter to us and we take the time understand the stage they are at and the help they need – whether a one-off tax issue or an ongoing property matter.
Our UK property tax services include:
Property tax ownership advice
Property tax compliance services
ATED and HMRC disclosures
Overseas clients
Property tax ownership advice
We provide a complete strategy for ownership of a single property or multiple properties either to be held personally or within an onshore or offshore structure.
Working with you throughout the lifetime of your property investment, our advice extends from initial tax-efficient ownership to solutions in extracting the income and profits of your investment and exit strategies to minimise capital gains and stamp taxes.
Property tax compliance services
Whether the ownership structure is individual, joint or within an onshore/offshore company or trust, we will assist with the relevant compliance requirements.
We have many years’ experience in preparing rental accounts, income tax, corporate tax, trust tax, CGT and VAT returns. In certain cases where property or shares of a property-rich company are leaving a trust, we can also assist with the relevant IHT forms.
In addition, if an individual disposed a UK residential property, there is a new requirement to report the disposal within 60 days – our trusted experts can also assist with this issue.
ATED and HMRC disclosures
If your property falls within the ATED regime, we can assist with annual reporting requirements and advice on the applicability of the charge.
HMRC enquiries into undisclosed earned rental income are increasingly common. If you have fallen behind with your tax disclosures, we can bring them up to date via HMRC’s The Let Property Campaign through which penalties for late disclosure may be reduced.
Overseas clients
For overseas individuals, the London property market is still a very attractive option even though the government has nullified some advantages of foreign ownership.
In certain circumstances, the ownership of UK property can have tax consequences in other jurisdictions for individuals based overseas, or for UK individuals who hold the property via an offshore vehicle. We work with PKF colleagues across multiple jurisdictions to provide joined-up tax advice.
