General / October 10th 2016

Jointly Owned Property Tax Issues and other misconceptions

In recent months, the Chancellor of the Exchequer (formerly Mr George Osborne) launched an ‘attack’ on the property market by first ensuring that non-resident owners of UK situs property were liable to UK Capital Gains Tax (CGT) to the more recent changes to Stamp Duty Land Tax (SDLT) and mortgage interest relief being capped at 20%. Therefore more and more individuals are looking at possible ways of restructuring their current and future property portfolios to minimise the tax exposure. The purpose of this month’s property section is to outline some of the tax issues surrounding jointly owned property to some more unusual methods of mitigating a tax liability. (more…)

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