UK Tax & High Value Properties - The Implications Explained

Introduction

UK tax arises on holding property at all stages of the property owning life, starting with SDLT and VAT at the purchase through income tax or corporation tax if the property is generating income (with the possibility of ATED if not), to capital gains tax or inheritance tax if the property is sold or gifted respectively.

This 2-part virtual classroom session will guide you through the tax implications of all the stages of owning a high value property considering both the legislation and some carefully chosen case law introducing you to what is important to know.

Throughout the session there will be interactive quizzes and case study exercises to reinforce your learning.

What You Will Learn

During the live session the following subjects will be highlighted:

Purchasing Property

• Financing property
• SDLT
• Non-residential property (commercial and agricultural property)
• Mixed land and property
• Leasehold properties
• Transfers on divorce, dissolution of a civil partnership and gifts
• Shared ownership schemes
• Reliefs and exemptions
• VAT
• Pre-letting expenses

Holding High Value Property in the UK

• Choosing the right entity
• Tax on property income
• Capital v revenue expenses
• Holding through a company and ATED

Gifting Property

• The impact of a gift of property and the possible relevant exemptions
• GWROB issues
• Sharing occupation

Selling Property

• CGT for UK residents
• Main residence relief
• NRCGT for both individuals and structures

Property in the Death Estate

• Exemptions and reliefs
• Foreign property
• Property in trust
• The residence nil rate band

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.