When you buy a property – this is referred to as stamp duty.
Tax planning
Expert tax guidance for landlords with investment properties.
However large or complex your property portfolio may be, we can link you with specialist landlord tax advisors who will inform you on the best way to structure and manage your investments for the best possible returns.
Landlords have to pay tax when buying, letting or selling property. There are specific criteria and tax thresholds that apply to each stage of this process.
When you buy a property – this is referred to as stamp duty.
When you sell a property – this is referred to as capital gains tax.
When you let property (usually on a yearly basis) – this is referred to as income tax.
For example, the amount of stamp duty you must pay on your initial purchase will depend on the value of the property, whereabouts the property is located, and if any relief or ‘holiday’ packages are available (as happened in the UK throughout the early stages of the coronavirus pandemic).
The amount of income tax you pay will be determined by your annual income. You will not usually need to pay tax if you make less than £1,000 a year from letting your property. You will also need to pay class 2 National Insurance contributions if you earn more than £6,475 from your property venture.
Capital gains tax is payable on any property that makes a profit. It’s also applicable to inherited properties. There are different capital gains tax thresholds for Buy to Let landlords, trustees of settlements, and higher rate taxpayers, and these are under regular review by the Government. Your landlord tax planning specialist will be able to help you work out exactly how much capital gains you need to set aside from your sale, and ensure you make your payment within 30 days, as per the current regulations.
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