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Property Tax Changes In The Autumn Budget 2017

It's not just about house building ...



The Autumn Budget 2017 has brought up some interesting changes in property tax and reliefs. The key announcement was around the housing shortage, but there were other changes too ...

The Chancellor announced some interesting property tax changes!

The Chancellor announced some interesting property tax changes!

copyright: imagestock / 123rf stock photo

Before I list out what I think is significant, please do remember that you should always take professional tax advice before making financial decisions. I can't be that specific in a blog post.

  1. Tax on capital gains by non-residents

    Non-UK investors in UK commercial property will pay tax on gains in value from 1st April 2019. The limited exemptions on the disposal of UK residential property will also be removed.

  2. First-time buyers SDLT relief

    The Chancellor announced an exemption from SDLT for first-time buyers. No SDLT is payable on properties up to £300,000, with a reduction in rates for properties costing between £300,000 and £500,000. Above £500,000 the calculation of SDLT remains the same.

  3. Removal of Indexation Allowance

    Companies selling a property can currently reduce the gain chargeable to tax by claiming indexation allowance up to the date of sale. These claims will be frozen from December 2017. The government thinks it will produce an increase in tax of £165 million for 2018-19 and additional taxes of £525 million in 2022-23.

  4. Annual Tax on Enveloped Dwellings

    ATED, which is payable by companies owning UK residential property, will increase by 3% from 1 April 2018.

  5. SDLT payment window shortened

    From 1 March 2019, SDLT will need to be paid within 14 days of transaction completion.

As always, I am here to help if you have any specific questions about property tax or taxation in general. Do call me on 01908 774323 or click here to ping me an email and let's see how I can help you.

Until next time ...


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More about Helen Beaumont ...

Helen brings the personal tax planning experience of the top 20 tax companies to Essendon. Formerly of MacIntyre Hudson (with 45 offices nationwide), Helen worked at Chancery for more than 10 years before joining Essendon as the personal tax specialist.

Tax Planning can make a considerable difference to your tax liability. Helen has specialist knowledge and experience in tax planning and uses every opportunity to minimise your tax bill is utilised. By analysing your investments, income, profit and expenditures, Helen will provide strategic tax planning expertise that could offer significant savings, whilst delivering clear, honest advice and guidance.

When Helen is not at Essendon she spends time with her young son and likes going on long walks with the family dog.