Property and construction news

Stamp Duty Land Tax Holiday begins phasing out!

Stamp Duty Land Tax Holiday begins phasing out!

What changes have been made? With effect from 1st July the Stamp Duty Land Tax (SDLT) for residential property changed to the following rates: £0 - £250,000 = 0% £250,001 - £925,000 = 5% £925,001 - £1,500,000 = 10% £1,500,000 + = 12% Please note that in addition to...

Proposal to extend Capital Gains Tax deadline

Proposal to extend Capital Gains Tax deadline

The Office of Tax Simplification (OTS) has recommended that the government double the Capital Gains Tax (CGT) reporting and payment deadline for disposals of UK residential property to 60 days. Rules introduced in April 2020 mean that a UK resident disposing of UK...

Making Tax Digital (MTD) for Landlords

Making Tax Digital (MTD) for Landlords

New tax obligations from April 2023 From 6 April 2023, significant changes will be made to the Self-Assessment reporting system for landlords with gross rental income above £10,000 per tax year.  Bringing landlords within the scope of MTD is part of HMRC’s plan to...

Stamp Duty Land Tax Holiday is coming to an end

Stamp Duty Land Tax Holiday is coming to an end

In the recent Budget, it was announced that the Stamp Duty Land Tax (SDLT) holiday for residential property will come to an end on 30th September 2021. However, the Government will start to taper the rates from the end of June 2021. The current temporary nil rate band...

Property demand hits 10 year high

Property demand hits 10 year high

During March 2021 almost 162,000 sales were agreed (according to Twenty CI data). This is a 77% year-on-year increase from 2020. This figure is the highest that Twenty CI data has ever seen since they started recording data back in 2009. Since the Stamp Duty Land Tax...

Raw material prices look set to remain high

Raw material prices look set to remain high

A survey conducted by the Construction Products Association (CPA) has found that price inflation for raw materials will continue to rise for the remainder of 2021. The survey found that housing is leading the economic recovery for the construction sector. But there is...