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Following last week's announcement that the new domestic reverse charge to be implemented for certain construction services will, again, be delayed – this time from 1 October 2020 to 1 March 2021, regulations have been published setting out more detail.
Set out below is a summary of the key changes in the Budget as they impact on the real estate sector. Generally, welcome news, with some kick-backs and disappointments.
NRCLs are currently liable to income tax - not corporation tax - on net rental profits. From 6 April 2020, rental profits of NRCLs will instead become liable to corporation tax (CT), with different rates, computational rules, payment and filing requirements.
The Budget is now confirmed for 11 March. Read our briefing to find out what this means for the real estate sector.
2020 is going to be an important year for many non-UK resident investors in UK real estate:
Here is a brief summary of the main taxation changes that will be relevant to the real estate sector from the main party manifestos and accompanying documents.
There is much for funds to be positive about in the latest draft of the rules taxing non-residents on gains from UK land. In particular, the transparency and exemption elections are included in roughly the form expected, and HMRC has clearly listened carefully to concerns raised by the industry.