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Is the global property bubble ready to burst?

Is the global property bubble ready to burst?

Residential global property has arguably been the most exciting investment of the past eight or nine years, but lately the fun has been draining away. House and apartment prices have been driven sky high by rock bottom interest rates and there are growing signs that they cannot go any higher. Affordability has been stretched as far as it can go. Buyers are reluctant to part with their money at these levels. The days of double-digit annual house price increases appear to be over. The question now is whether the market is merely slowing, or whether it could go sharply into reverse. Is this a bubble, and if so, could it burst? Nothing lasts forever. London was the world’s No 1 property hot spot, but lately the luxury end of the market has slipped. Completed sales of newly-built flats in prime central London areas fell 41.4 per cent across 2016, according […]

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Changes to Stamp Duty

Changes to Stamp Duty

On December 4th 2014 stamp duty on property purchases was reformed by the Government. At the time the Chancellor George Osborne stated around 98% of purchasers in England and Wales would pay less after stamp duty reform. Changes to stamp duty meant people who buy homes for under £937,000 would pay less in tax when compared to the old system. From April 2016 a 3% Stamp Duty Land Tax surcharge has applied to purchases of buy to let property and second homes. In Scotland a similar LBTT 3% surcharge applies to additional property transactions from April 2016. Old Stamp Duty System With the old system before December 2014, stamp duty was considered to be a “slab tax” where higher rates were incremented and applied to the whole property purchase price. The old system meant there were sudden increases in stamp duty liability as the purchase price rose above the next […]

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Consultation On Property Wear And Tear Allowance

Consultation On Property Wear And Tear Allowance

In the Summer Budget 2015 the Government confirmed its intention to introduce measures to improve how landlord’s businesses are taxed. The new measures which are detailed in the full Consultation Document are designed to provide consistency and fairness in the taxation of rented properties. However, you still have until 9 October to submit your comments and responses to the consultation. An outline of the new measures is given below and we’ve also produced a handy fact sheet which you can print out: The changes The current 10% Wear and Tear Allowance which allows landlords to reduce the tax they pay, regardless of whether they replace the furnishings in their property, will be replaced. From April 2016 landlords will only be allowed to deduct the costs they actually incur for replacing furnishings in their rental properties. Eligibility All landlords will be eligible for the relief respective of whether they let their properties on an unfurnished, part […]

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Capital Gains Tax changes for expatriates and overseas buyers brings the UK in line with other global property markets

Capital Gains Tax changes for expatriates and overseas buyers brings the UK in line with other global property markets

The UK government published draft legislation that detailed changes to Capital Gains Tax (CGT) on the sale of properties for overseas and expatriate  investors. This brings changes for the UK in line with other property markets and aligns overseas and expatriate property investors the same as UK resident home-owners. From 6 April 2015, non-resident UK property investors will be charged on gains made from the sale of their property of between 18% and 28%, this is the same rate as resident home-owners in the UK. The UK government has deemed any UK property owner who spends less than 90 nights in their property to be a non-resident investor and CGT will also be charged on off-plan properties. Other key points arising from the draft legislation are provided below. The changes mean that non-resident UK property owners will need to consider obtaining a valuation of their property. We work with a […]

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