Rishi Sunak delivered the Budget on 3 March 2021 in the House of Commons, announcing the Government’s tax and spending plans for the 2021/22 tax year. The property and construction industry has experienced a few changes, please find details below for items coming into force and items which may need to be on your radar.
Domestic Reverse Charge
The Domestic Reverse Charge (“DRC”) finally came into force on 1 March 2021 for the construction industry. Read full article
|Corporate property owners||Entities performing building works|
|Annual Tax on Enveloped Dwellings ("ATED")|
Residential properties with values exceeding 500,000 held by non-natural entities (i.e. companies, LLPs, Trusts, etc.) are subject to ATED. Purchases of ATED properties must be reported to HMRC within 30 days of purchase. Read full article
|CITB Levy for Construction Activities|
The Construction Industry Training Board (CITB) impose a levy on employers in the construction industry. Many involved in the construction industry are aware of the CITB and their requirements to submit returns and pay the levy. Read full article
|Residential property purchases|
|Stamp Duty Land Tax holiday extended|
The SDLT holiday has been extended to 30 June 2021. This means that purchasers have an additional three months to complete their purchases. Read full article
|New rates of SDLT for non-UK residents from 1 April 2021|
To determine whether a buyer is a non-UK resident for SDLT purposes a number of tests have to be devised which are dependant on the type of purchaser. Read full article
Navigating around the different taxes can be a difficult task. If you would like to discuss your current situation or find out more information about one of the topics mentioned above, please contact one of our team who will be happy to assist you.