UK Commercial Property – Understanding The Tax Issues

£695.00 +VAT

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This course can also be presented face to face in-house or via live in-house webinar.

UK Commercial Property Tax Course Content:

Overview

  • Definition of commercial land and buildings
  • Which taxes apply
  • Distinction between property investment and property dealing
  • Comparison with the rules for residential property
  • How different ownership methods (e.g. direct/company/trust) impact on the tax charges

Expenditure on buildings

  • Capital/revenue distinction, including
  • repairs/renewals
  • relevant case law
  • Allowances for “integral plant” in buildings
  • The FA 2012 rules on transferring buildings containing fixtures
    • Compliance issues
    • 198 elections
    • Apportionment issues
  • Lease premiums
    • Tax impact for the tenant
    • Tax impact for the landlord
  • Rent-free periods and reverse premiums
  • Payments under lease dilapidation provisions
  • Mixed use properties – apportionment of consideration
    • Importance of the Oates case at the Upper Tribunal in 2014
  • Practical example of a shop re-fit

Calculating taxable rental income

  • The different rules for individuals and companies
  • Tax relief for finance costs
  • How losses can be relieved

Capital Gains tax (CGT)

  • Allowable costs
  • Calculating gains and losses
    • On assignment of
      • Freeholds / Long leases
      • Short leases (i.e. < 50 years)
    • On granting
      • Long leases
      • Short leases
    • On transfers to ‘connected persons’
  • Tax rates
  • Tax reliefs available
  • FA 2016 anti-avoidance on property deriving its value from UK land and buildings
  • Incorporation of
    • Property rental businesses
    • Trading businesses with significant value in property (e.g. care homes)
  • Compliance issues
  • Planned extension of CGT to non-resident owners of UK commercial land and buildings

Inheritance Tax

  • Overview and rates
  • Business property relief (BPR) and Agricultural property relief (APR)
    • Main conditions
    • Why rental businesses do not qualify
    • Anti-avoidance where relevant property funded by debt

Stamp duty land tax (SDLT)

  • Rates
  • The different regimes in Scotland and Wales
  • Key compliance issues
  • Anti-avoidance
  • The principal reliefs
    • Group relief
    • Charity relief
    • Sale and leaseback relief

Value Added Tax (VAT)

  • The different rates that can apply to commercial property transactions
  • Option to tax land or commercial buildings
    • Why it is done
    • Compliance procedures
  • Common problems and errors
  • Key cases

Extracting commercial property from a company

  • Distributions in specie
  • Pension contributions in specie
  • Demergers

Background of the Trainer:

Our trainer is a Chartered Accountant who qualified with PwC in 1988, spending his last 18 months there in the Corporate Tax department. In 1989 he joined a leading financial training company as a tax tutor, teaching final level candidates for the ICAEW and ACCA examinations. Since 1992, he has been self-employed as a Professional Tutor and Training Consultant, specialising in tax update courses for accountants, lawyers and investment managers.

Our trainer has been teaching in the financial services industry since 1994. Although he concentrates on the professional development market these days, he is very experienced in teaching stock brokers, fund managers and financial advisors for their various regulatory examinations.

UK Commercial Property Tax Course Summary:

UK property taxes have become increasingly complex in recent years. There are a number of high risk compliance areas and anti-avoidance provisions that can catch out the unwary and prove very costly in terms of unforeseen tax liabilities and penalties.

At the end of the UK Commercial Property Tax Course, participants should be aware of the major tax issues, both compliance and planning, that are likely to arise on construction projects and property purchases or sales.

Throughout the UK Commercial Property Tax Course, emphasis will be given to key cases and the tax traps that you should try to avoid.

 

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Discounts

5-6 participants – 20% discount,7-8 participants – 25% discount,Over 9 participants – 30% discount

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03 October 2018