News & Press Release


Posted: March 10, 2016

From April 2015 the government’s new pension reform

will allow savers over the age of 55 the option of taking a number of smaller lump sums from their pension pot instead of one single big lump, with 25% of the sum in each case being tax-free.

See guidance published by HMRC below for more information:

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/385065/TIIN_8130_2140.pdf

So, what might they buy with a £250k fund? The obvious purchase might be a second home? Speak to LANDSIGHT - 0800 999 8849

Posted: March 10, 2016

HMRC WARNS LANDLORDS : Capital Gains Tax on high value residential property

You’ll need to pay Capital Gains Tax (CGT) called ATED-related Capital Gains Tax if you sell a residential property owned - completely or partly - by a:

  • company
  • company that is a partner in a partnership
  • collective investment vehicle, for example a unit trust or an open-ended investment company

 

Click the picture on the left to access the guidance notes issued by HMRC

The ATED-related Capital Gains Tax threshold will reduce from £2 million to £500,000 over the next 2 years. It will reduce from:

  • £2 million to
  • £1 million from 6 April 2015
  • £1 million to £500,000 from 6 April 2016

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