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It’s the early 1980s, a Conservative government is in power and struggling through a period of economic volatility following the “winter of discontent” during which widespread public and private sector strikes gripped the nation. Soaring inflation, rising oil costs and outspoken demands for increased wages are contributing to a sense of national crisis. Sound familiar? … Read more
The scope of the UK’s Trust Registration Service (TRS) has recently been expanded to include an obligation on some of the more commonly used UK real estate holding structures to register. Non-compliance can result in penalties imposed by HMRC and may cause issues for acquisition/disposal or lending transactions. In this guide, the HSF team explore … Read more
Friday’s “mini-Budget”, referred to formally by the Government as “The Growth Plan 2022”, was anything but mini. Packed with tax cuts and simplifying measures, there was plenty to interest the real estate world. We highlight the key tax points of interest below (over and above the announcement that corporation tax will remain at 19%, and … Read more
As per our previous blog, a reminder that the residential property developer tax (RPDT) will be introduced next week from 1 April 2022 and will be applied to the profits that certain companies and corporate groups derive from UK residential property development. The stated aim is to ensure that the largest residential developers make a … Read more
We previously reported on the introduction of the Trust Registration Service in 2017 and, in particular, how this would likely impact the commercial real estate sector. The Fifth Money Laundering Directive (MLD5), which came into effect on 6 October 2020, has significantly broadened the scope of the obligations to register. In this article, we have … Read more
Update 27 October 2021 – At the Autumn Budget and Spending Review 2021, the Chancellor of the Exchequer confirmed that the RPDT will be charged at 4% on profits exceeding an annual allowance of £25 million. For more see our Autumn Budget blog post here. Following a consultation held earlier this year on the proposed … Read more
In July, we wrote about the coming into force on 1 August 2021 of Planning Gateway One, the first of three new stop/go “Gateways” within the new building safety regime. At that point we awaited details of the proposed “Gateway Two Levy”, the second of the two means by which the government is seeking contributions … Read more
Back in April, we wrote about a consultation on a new proposed tax on residential property developers, the Residential Property Developer Tax (RPDT). This consultation closes on 22 July 2021, so there is still time to respond. Developers of certain types of high-rise residential buildings (including educational accommodation) also need to be aware of the … Read more
A consultation has been published regarding the new Residential Property Developer Tax (“RPDT“), which is being introduced as part of a package of proposals to raise revenue for remediation work to unsafe cladding on high-rise residential buildings. It is a lengthy consultation, setting out details for what looks to be a complex tax relative to … Read more
