How does my holiday home in the UK affect my capital tax position?
For many people, owning a holiday home is a major aspiration. Having a place to enjoy for leisure and recreation purposes has definite appeal, and demand for UK holiday homes has significantly increased over the last 18 months, in light of the COVID-19 pandemic. However, owning one may have Inheritance Tax (IHT) and Capital Gains Tax (CGT) implications which should be considered.
I’m buying a property – do I also need to make a Will?
Whether you are buying a property alone or with another person, purchasing your first or your fifteenth home, planning on living in it or letting it out: whenever you acquire property, you should consider whether you need to make or update your Will as a result.
Stamp Duty Land Tax (SDLT) – what is “chargeable”?
SDLT is a tax on land transactions in England and Northern Ireland and has been with us for over 16 years – it replaced “stamp duty” which was a tax on documents. Scotland and Wales have their own land tax regimes. Some of the rules are extremely complex and even the Revenue have been known to get their guidance wrong.
Property issues for couples on separation
Our conveyancing teams work closely with our Family team when it comes to advising or dealing with the family home. This may relate to the protection of rights where one party is not on the title of the family home, dealing with a transfer of equity or sale or advising on other aspects such as Stamp Duty Land Tax.
Declarations of Trust: How much of your property do you own?
David Lunn, Managing Associate at TWM Solicitors outlines the importance of declarations of trust.
Make fraud protection your New Year’s resolution
With fraud being the most commonly experienced crime in the country, this year, consider making protecting yourself and your family from cybercrime and fraud one of your top resolutions.