Posted by James McNeile, Partner
Contributing authors: Laura Kearns
Grow Protect Share: Budget 2018 special
Last week’s Budget was not exactly ground-breaking for Private Wealth clients and their advisers, although this was no doubt a welcome break, particularly for international clients, following the significant non-dom changes introduced with effect from April 2017 and April 2018.
Some of the announcements were predictable and others less so. We explore a couple of areas which will be of particular interest to our Private Wealth clients and their advisers.
Hilesh Chavda discusses the confirmed proposals to introduce a 1% SDLT levy on UK residential property bought by foreign buyers. This is yet another change to the taxation to residential property. Given all the changes and increased costs of purchasing and holding residential property in recent years, investors should seek expert advice when purchasing new properties as well as seeking advice on their current property structures.
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Laura Kearns outlines the proposed changes to Principal Private Residence Relief introduced in Monday’s Budget and considers how these will affect landlords and owners of multiple properties. It is clear that these changes are a continuation of the government’s desire to restrict tax reliefs for non owner-occupiers.
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