Thursday, 30 January 2014

Having property work done – understanding the basics

Private Wealth law is my specialism but even I have to admit that tax and wills are not the be-all and end-all!  We have an enduring love affair with bricks and mortar here in the UK, so for this blog I have invited Gillian Birkby, a partner in our construction practice, to give us some quick tips of interest to anyone about to embark on a construction project. 

Thursday, 16 January 2014

What a relief!

The Chancellor’s Autumn Statement last month confirmed that capital gains tax (CGT) is to be extended to UK residential property owned by non-residents.  At the time of writing this, we are still waiting for further details in the form of a consultation document.  However, I predict that securing CGT Principal Private Residence (PPR) Relief will become a popular topic of discussion in 2014 for those non-residents who do use a UK property as a residence.  There may be no downside in their electing for the UK residence to qualify for PPR Relief, if they can.
Even for UK residents, PPR Relief should be of immense interest because it is one of the most valuable reliefs that most people are likely to take advantage of in their lifetimes.  In short, it allows people to sell their homes and not have to pay CGT on the growth accrued during their period of ownership.  So in times of rising house prices, it pays to ensure that your PPR Relief claim is rock solid.