Thursday, 11 July 2019 9:05 PM The Chartered Institute of Taxation (CIOT) is urging HMRC to maximise efforts to communicate forthcoming changes to capital gains tax which will introduce new and increase existing tax bills for some home sellers from April 2020. Private residence relief (PRR) is a relief from capital gains tax (CGT) when someone sells their home. The relief ensures that the proceeds of the sale of the home are not reduced by a capital gains tax charge. One aspect of the relief is that provided the property has been the owner’s main residence at some point during ownership, the last 18 months (the ‘final exemption period’) almost always qualifies for relief, even if the owner has moved out, to allow for delays in selling. The government has today confirmed1 that period will reduce to nine months from 6 April 2020. Brian Slater, Chair of CIOT’s Property Taxes Sub-committee, said: “HMRC need to put the ‘PR’ into … [Read more...] about Home sellers – watch out for capital gains tax changes
Proposed tax changes
At first glance you could be forgiven for thinking that Labour’s publication ‘Land for the Many’ is a set of policy ideas that solves the housing crisis. Increasing the supply of affordable housing and freeing up land to build, improving access to existing stock and transparency sounds fair, right? Yet tucked away inside the report, you’ll find a range of measures that could pull the market as we know it to pieces; its the most radical sets of property proposals since the mass building plan after the Second World War. The report’s editor, George Monbiot, has not thought through the unintended consequences of the proposals. Just one example and perhaps the most damaging is the desire to reduce land prices. With government (national and local), institutions and pension funds and religious organisations being the most prolific landowners, often on our behalf, this would be an economic disaster. It would undermine the nation’s ability to pay for any … [Read more...] about How would Labour’s proposed tax grab affect your home?
MTI – Econews Thursday, May 23, 2019, 12:00 After-tax profit of Zwack Unicum, Hungaryʼs best-known spirits maker, rose 20% year-on-year to HUF 2.6 billion in the firmʼs business year ending March 31, as buyers stocked up before tax changes, shows an earnings report released Wednesday. Gross revenue rose 14% to HUF 26.3 bln, while net revenue increased 13% to HUF 15.7 bln, state news wire MTI reported. Zwack said that, in the month of December 2018 alone, sales of pálinka, the fruit distillate that is Hungaryʼs national spirit, as well as those of its flagship herbal liqueur Unicum, were equivalent to 3-4 months of customary sales as buyers stocked up before an exemption from the public health tax for such products was ended. Hungarian lawmakers ended the exemption from January 1, 2019, after the European Commission stepped up an infringement procedure against the country on the matter. The EC argued that the exemption was … [Read more...] about Stockpiling before tax changes lifts Zwack profit
The EU’s anti-tax fraud programme, Fiscalis, got a shot in the arm from MEPs on Wednesday (17 April), when the European Parliament approved a revised version with a bigger budget. EURACTIV Germany reports. In the update, cooperation breakdowns between tax authorities will actually be published and officials from developing and emerging countries will also be invited to joint training sessions. Currently, cooperation misfires do not have to be published. The Parliament decided that €339 million needs to be made available under the next multiannual financial framework (MFF) for 2021-2027. That means a budget that is 10% higher than the European Commission’s most recent estimate for the long-term financial pot. 575 MEPs voted in favour of the programme, 46 abstained and 35 voted against. Rejection came mainly from MEPs from Eurosceptic groups. “So far, we have only put money into increased cooperation, but we knew little about the real problems,” … [Read more...] about EU anti-tax fraud quest goes up a notch
The proposed 'Marshall Plan' for the middle class is a dramatic change of tack for famously hard-nosed private equity titan Steve Schwarzman - who in 2010 was quoted saying his firm was looking at Europe but holding off buying until sellers were in real financial distress. "You want to wait until there's really blood in the streets." In Ireland, Blackstone is best known for swooping in during the financial crisis and buying billions of euro in assets at knock down prices, which at one stage included 25pc of Eir, the Burlington hotel and over €1bn of property loans originally linked to developer Michael O'Flynn. It has already successfully exited the bulk of its Irish deals. Yesterday however, Mr Schwarzman joined a growing number of US business tycoons airing public concerns about income inequality in America. "What we have is less an issue of income inequality than income insufficiency for the bottom 50pc of the society," he told broadcaster CNBC. He was interviewed after … [Read more...] about Blackstone boss says teachers shouldn’t pay tax in US shake-up