The last planned budget before Brexit was a low key affair from the private tax point of view. We had confirmation that a number of previously announced changes (such as the application of capital gains tax on UK property to all non-residents) would go ahead and there was a general tightening up of tax reliefs (such as capital gains tax principal private residence relief and entrepreneurs’ relief). There was of course also the welcome announcement that the income tax personal allowance and higher rate threshold would be increased to £12,500 and £50,000 respectively a year earlier than planned. However, the message overall was “steady as she goes”.
ATED was introduced with effect from 1 April 2013, and for the reporting period starting 1 April 2018 a return will need to be filed by all “non-natural” persons (eg companies) owning UK residential property with a market value of £500,000 or more at 1 April 2017.
In the current political and economic climate, trustees have a lot to think about. Despite the slowdown in the property market, land remains a popular long term investment and trustees continue to acquire properties for use by beneficiaries.
With Brexit and its impact on the economy causing so much uncertainty, many people are considering leaving the UK and moving abroad. Marilyn McKeever looks at what contingency plans they should be putting in place ahead of any such departure.