SDLT, CGT & Other Taxation Traps for Residential Conveyancers
As a residential conveyancer, you often have to address issues that overlap with other areas of law, such as planning, building regulations and environmental hazards.
Also, there have been a number of recent changes to property taxes, such as the hiking of SDLT for second homeowners. However, the danger for a property lawyer who is not a tax specialist is that important taxation implications of a property transaction are overlooked.
The main purpose of this course is to provide an overview of the basics of property-related taxation. Two key objectives are to help busy conveyancers identify situations where the client would benefit from seeking specialist tax advice and where the conveyancer needs to explain the scope of their expertise as a property lawyer.
Please note the main focus of this course is on properties owned by individuals, rather than companies. Moreover the course covers 6 different property taxes, which include SDLT.
What You Will Learn
This course will cover the following:
- Why it is not sufficient to merely say to clients, 'We do not advise on tax'
- Recent developments highlighting the pitfalls of seeking a refund of overpaid SDLT
- SDLT: The surcharge on second homes (including new guidance issued by HMRC in 2019) - When is a dwelling a main residence? Is my client purchasing more than one dwelling?
- SDLT: Should you be advising clients about the 15% rate applicable to purchases of high-value properties?
- SDLT: Are you sure the property is wholly residential?
- SDLT: Which buyers are entitled to claim the new first-time buyer's exemption (including the changes for shared ownership purchases made in the October 2018 Budget)? Risk of first-time buyer fraud
- Capital Gains Tax: second homes and buy-to-let properties, proving property is a main residence, disposals by non-residents, (including the new rules requiring payments to be made on account with effect from 2020)
- IHT: implications for deeds of gifts and transfers at undervalue
- Tax on rental income, declarations of trust in favour of limited company, clarifying joint owners' share in rental income and equity
- Pre-owned asset charge: How it is charged, how it applies in relation to dispositions of land, exemptions
Please let us know if you wish to be notified when new dates are added for this programme