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Taxation Advice

Welsh Land Transaction Tax

The Welsh Parliament have announced changes to proposed rates and bands for Land Transaction Tax which is to be introduced in Wales from 1 April 2017.

Land and Buildings Transaction Tax and First-Time Buyer Relief

The Scottish government announced that they will introduce a new Land and Buildings Transaction Tax (LBTT) relief for first-time buyers of properties up to £175,000. The relief will raise the zero tax threshold for first-time buyers from £145,000 to £175,000, and according to the Scottish government 80% of first-time buyers in Scotland will pay no LBTT at all. The Scottish government also announced that first-time buyers buying a property above £175,000 will also benefit from the relief on the portion of the price below the threshold.

SDLT relief for first time buyers

The government has announced that first time buyers paying £300,000 or less for a residential property will pay no Stamp Duty Land Tax.

Employees gifts - tax free?

At this time of year some employers may wish to make small gifts to their employees.
A tax exemption is available which should give employers certainty that the benefits provided are exempt and do not result in a reportable employee benefit in kind. In order for the benefit to be exempt it must satisfy the following conditions:

Simple Assessment

HMRC have changed the way in which they will assess some taxpayers removing the need for these individuals to complete a Self Assessment Tax Return. These changes took effect from September 2017.

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