George Hardey's initial comment on the Autumn Statement
~~George Hardey, Associate and Head of Tax at Waltons Clark Whitehill said: “New enterprise zones for the North East and an extension of the existing zone in the Tees Valley are good news for many businesses and may help revitalise our region’s economy. This means companies can expect additional tax relief, although exact details aren’t available yet.
There was no such good news for people looking to sell residential property. Future changes to Capital Gains Tax mean the disposal of property will have to be reported within 30 days, reducing the flexibility we currently have. This change should not affect gains on properties which are not liable for CGT, where the Private Residence Relief is available. Therefore Buy-to-Let landlords are likely to be the main group of property owners that suffer from these changes.
Buy-to-Let landlords are also targeted by a further change which will see a 3% increase on the rates of Stamp Duty Land Tax on the purchase of buy to let properties though the acquisition of second homes will also be caught.
Digital tax accounts for individuals and businesses, designed to modernise HMRC, mean significant changes in the way many people manage and pay their taxes.“ This could mean HMRC issue many more automatic tax calculations for individuals which of course should not be accepted at face value and should always be checked.
NEWS STATEMENT: ISSUED ON BEHALF OF WALTONS CLARK WHITEHILL
Contact Chris Rowell 01325 363436
Notes to editors: Waltons Clark Whitehill Limited is a member of HCWA, a leading association of accountants and business advisors with offices throughout the UK and worldwide..
The firm offers specialist and technical expertise to owner-managed businesses and larger corporates, not-for-profit organisations, pension funds, professional practices and private clients.
For more information, call Heather O’Driscoll on 01429 234414 or visit www.waltonscw.co.uk.
This was posted in Bdaily's Members' News section by George Hardey .