A basic guide to the value of capital allowances in real estate for in-house lawyers and property professionals

Capital allowances represent a tax relief applying to the capital cost of fixed assets. They are relevant to real estate owners.

The Budget 2012 - property takes the strain...

Business and the UK labour force are mobile; UK property is not.

Property update - March 2012

Wragge & Co's real estate experts bring you the latest property law issues. Read their comment on these issues and take note of any action points that will help you and your organisation.

Making investments in UK real estate - a tax haven for non-UK residents?

There are many factors making the United Kingdom an attractive investment destination for a non-UK resident. One of these factors is favourable UK tax treatment and tax incentives given to investment in UK real estate.

ECJ decision challenges HMRC's stance on property rental business transfers of going concerns

In Finanzamt Ludenscheid v Christel Schriever, the European Court of Justice considered the application of the German "transfer of a going concern" (TOGC) provisions to the sale of a retail business. The decision will be of interest to UK real estate businesses.

Draft Finance Law 2012: increase in taxation on transactions

On examination of the draft Finance Law for 2012, three amendments, adopted at the finance committee stage, caught our tax specialists' attention.

Business premises renovation allowances: a 100% relief for capital expenditure

The business premises renovation allowance (BPRA) is a type of capital allowance, and it is a particularly generous one.

Limited partnerships and UK real estate

A limited partnership created under the Limited Partnerships Act 1907 (the 1907 Act) has unlimited legal capacity and can be used to carry on any form of lawful business including dealing with the development of, and investment in, UK real estate.

SDLT avoidance - round one to taxpayer?

The first stamp duty land tax (SDLT) avoidance case has been decided: DV3 RS Limited Partnership v Commissioners for HM Revenue & Customs (SDLT) [2011] UKFTT 138 (TC).

The Budget to fuel growth

In today's Budget, the Chancellor of the Exchequer emphasised the Government's "growth" agenda, encouraging investment as a route to a more balanced economy.

Recovery of VAT incurred on professional services supplied to third parties (Airtours case)

On 8 November 2010 the Upper Tribunal released its decision in respect of HM Revenue & Customs v Airtours Holiday Transport Limited [2010] UKUT 404 (TCC). The Tribunal upheld HM Revenue & Customs' (HMRC) appeal from the First-tier Tribunal.

Will developers have to pay the new 5% rate of stamp duty land tax for residential property?

From 6 April 2011 the rate of SDLT applicable to acquisitions of residential property will increase to 5% where the purchase price exceeds £1,000,000. Will this new rate apply to the acquisition of land for residential development or where proposed development sites already have houses on them?

Bank loans on real estate to be affected by the thin capitalisation rules?

France has had special tax provisions regarding thin capitalisation (Article 212 of the General Tax Code) since 2007.

Tax increment financing

In its Spending Review, the Coalition Government again signalled that it is looking to introduce tax increment financing (TIF) into the UK. TIF is aimed at encouraging local authorities to support economic growth in their areas, with particular emphasis on property-led urban regeneration.

Interest payments to non-UK lenders - The new DT Treaty Passport scheme

The new Double Tax (DT) Treaty Passport scheme was introduced on 1 September 2010.

Interest payments to non-UK lenders - UK source interest

The UK's territorial scope extends UK tax to non-UK resident recipients of interest arising from a UK source.

Property update - July/August 2010

Wragge & Co's real estate experts bring you the latest property law issues. Read their comment on these issues and take note of any action points that will help you and your organisation.

A tax cloud hanging over Luxembourg real estate funds invested in France

The concept of partnership as defined in French tax law is currently changing. This is prompting fears with regards to the evolution of the taxation on capital gains on the disposal of shares in a partnership whose assets consist mainly of real estate.

'Overspent, not overtaxed' - the Emergency Budget

George Osborne delivered his first fiscal statement as Chancellor of the Exchequer in today's Emergency Budget. As with all emergencies, we saw the flashing blue lights of tax-raising headlines and triage to deal with the wreckage of the structural deficit in the British economy.

A Budget for Recovery?

The Budget 2010 was billed as "Securing the Recovery", but is perhaps better branded as a "Budget for First-Time Buyers".

Non-UK resident companies and liability to UK tax

It has been long-established law that the test for tax residence of a non-UK incorporated company is the place from which central management and control (CMC) is exercised. To answer this question requires a determination of by whom CMC is exercised.

CRC - are you in or out?

The Carbon Reduction Commitment - the UK's new carbon emissions trading scheme - is almost upon us. The scheme, which is now known as the CRC Energy Efficiency Scheme, officially starts in April 2010.

Business rate supplements

The Business Rate Supplements Act 2009 provides levying authorities with a discretionary power to impose a business rate supplement (BRS) of up to two pence per pound of rateable value to fund certain projects that promote local economic development.

Business rates and tenants in administration

Where a landlord forfeits its lease, subject to any available relief or exemption, the landlord is liable to business rates in respect of the premises.

Non-resident companies and UK tax on chargeable gains

Non-UK resident companies are still outside the territorial scope of UK corporation tax on chargeable gains, provided that the company does not have a UK permanent establishment.

Budget 2009 sukuk: Real estate from an Islamic perspective

The sukuk market was booming in 2007 but has since come to a standstill.

A Budget for real estate?

Today Chancellor Alistair Darling made his second, and one of the most eagerly awaited, Budget statements. Is this a Budget for real estate? The good news is limited.

The Community Infrastructure Levy

Regeneration and development requires additional infrastructure to support it. The CIL is a new statutory planning tariff which will aim to ensure that a proportion of the cost of providing that infrastructure is obtained from landowners and developers.

Limited liability partnerships and UK real estate

The Limited Liability Partnerships Act 2000 created a new form of legal entity known as a LLP, which has unlimited legal capacity and can be used to carry on any form of lawful business including dealing with UK real estate development and investment.

When are overseas trust companies UK resident?

On 27 January 2009 HM Revenue & Customs published draft guidance on the application of the residence tests to overseas trust companies. This guidance is important and relevant to investors holding an interest (or units) in an offshore trust or unit trust.

Backdated business rates - paying in instalments

On 9 March 2009 regulations will come into force allowing for backdated business rates to be paid in instalments where a rating list is altered with retrospective effect.

Making investments in UK real estate - a tax haven for non-UK residents?

There are many factors making the United Kingdom an attractive investment destination for a non-UK resident. One of these factors is favourable UK tax treatment and tax incentives given to investment in UK real estate.