Today the Chancellor George Osborne announced measures to cut down on stamp duty avoidance by charging companies purchasing properties worth over £500,000 with a levy of 15% of the purchase price.
The current system of business rates is in need of "fundamental reforms" in order to help retailers and boost local economies, a group of MPs has said.
A report from the Business, Innovation and Skills Committee says the property tax is no longer fit for purpose, and calls for a "wholesale review".
The committee's views echo those of several leading business figures.
The Chancellor should look again at the nation’s Stamp Duty thresholds, an archaic tax structure which is distorting the housing market, says RICS as part of its 2014 Pre-Budget statement.
The existing ‘slab’ Stamp Duty system taxes a percentage of a home’s purchase price according to which value bracket it happens to fall into. For instance, a buyer purchasing a property for under £250,000 would pay 1% of the price in tax, while a home sold for just one pound more would generate a tax bill of 3%...
The Welsh Conservatives have announced plans to scrap stamp duty for properties worth up to £250,000 if they win power in the 2016 election.
The party said the axing of the 1% levy was aimed at bringing homeownership within reach for thousands of would-be first-time buyers.
Farming partnerships that include a mix of individual members and companies or trustees are being urged to review their business structures to avoid falling foul of new anti-avoidance tax rules.
The Office of Tax Simplification (OTS), in its interim report on Employee Benefits and Expenses last year suggested changes to tax arrangements where accommodation is provided to employees. Catherine Desmond, Partner, Saffery Champness, and a member of the firm’s Landed Estates and Rural Business Group, says that this will inevitably impact on farms and estates where certain jobs have traditionally come with accommodation provided. She says: The OTS has stressed that there is only no tax...
Britain's commercial property owners, many of whom are everyday businesses, are set to lose £785m in unused tax relief in the coming financial year.
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