Holding Redlich’s Post

Check out the latest article from the RSM Tax team on their views on the Government's Build to Rent legislation.

UK Budget Day 2024 - a significant day for property tax! Read more from my colleagues Jamie Robson and Andrew McCarthy:- #buget2024 #pinsentmasons #tax #realestate #property

🏠 **Understanding Property Tax in New Zealand** 🏠 Navigating the complexities of property tax is crucial for investors and homeowners alike. Here are some key points to keep in mind: 1. Bright-Line Test: If you sell a residential property within 2 years of purchase, you may be subject to the bright-line test. 2. Ring-Fencing of Rental Losses: Rental property losses cannot be offset against other income. Instead, these losses are ring-fenced and can be used to offset future rental income. 3. Depreciation on Chattels: While buildings themselves are not depreciable, you can still claim depreciation on chattels like carpets, appliances, and furniture in your rental property. 4. Residential Land Withholding Tax (RLWT): Non-resident sellers of residential property may be subject to RLWT, which is a withholding tax on the sale proceeds. This ensures tax compliance and collection from overseas investors. 5. Capital Gains Tax: New Zealand does not have a comprehensive capital gains tax. However, certain property transactions, such as those caught by the bright-line test, are still subject to income tax on the gains. 6. Interest limitation rules: From 1 April 2025 onwards, 100% of mortgage interest incurred on an investment property is deductible, moving up from the existing 80% rule. Property tax is a very complex area. This post has not considered the impact of Section CB in the Income Tax Act 2007 which seeks to tax various other property transactions outside of bright-line. Staying informed about these rules can help you make better investment decisions and ensure compliance with New Zealand's tax laws. For more detailed advice, always consult with a tax professional. At Bellingham Wallace, we have a dedicated tax team https://lnkd.in/gC9hr987 that specialise in property tax. Michelle Turner is skilled in advising clients on complex property transactions and efficient investment structures. Please feel free to reach out on [email protected] and experience the Bellingham Wallace difference. #PropertTax #RealEstate #NewZealand #TaxCompliance #Investment Aaron Wallace, Matthew Bellingham, Mike Atkinson, Serjit S., Niketa Naran, Ellie Williams, Jody Gilfillan, Rachel Bradburn, Kelvin Sam, Nick Savill

HMRC CIS SCHEME AMENDMENTS To my network of property landlords and fit-out specialists. Differentiate yourselves from your competition by taking a lead in shaping amendments to HMRC CIS legislation surrounding landlord contributions to tenant fit- out works. The deadline for consultation is 9th January 2024. See this excellent article by Dean Bickford of Field Seymour Parkes LLP. #cis #hmrc #commercialproperty

If the province is going to give municipalities more autonomy on taxation (ie. tax rates) like NS, PE, and NL, the also ensure that taxpayers have an equity and uniformity clause in the Assessment Act so that like properties are assessed in the same manner as their competition. It is a shame that the province where equity and uniformity case law started from remains one of the only provinces without a clause entrenched in the Assessment Act so taxpayers can ensure that they are not assessed/taxes unfairly against their competition. The backbone of any fair and equitable taxation system.

The VIC 2024-25 State Budget has just been released. The main changes announced from a business tax perspective are: (1) a lift in the payroll tax-free threshold from $700,000 to $900,000 (from 1 July 2024), and then to $1 million (from 1 July 2025); and (2) a gradual abolition of business insurance duty. These changes are in addition to the already announced removal of stamp duty on dealings in relation to commercial and industrial land (to be replaced by a new, annual commercial and industrial property tax). My colleagues' comprehensive note on this is below.

Calling all UK Landlords. Are you navigating the complexities of rental property taxes? 📝 Check out our ultimate guide to taxes for landlords! From deductible expenses to capital gains we have got you covered. Read our complete guide now: https://buff.ly/4bAt0as For personalised advice tailored to your specific situation contact us at: 📞 Phone: 0203 808 0999 📧 Email: [email protected] #LandlordTax #UKProperty #TaxAdvice #LandlordTaxPlanning #UKTaxAdvisor #Tax #IbissAndCo

How to pay no CGT when selling your rental property Covering: •What is CGT? •the CGT main residence exemption •6-year rule #acccounting #tax #cgt #capitalgains #rentalproperty

Here is a useful summary from our #pinsentmasons real estate tax team about the tax implications for the property market as a result of the budget today.

🚨 Important Update for 2024! 🚨 The Victorian Government has proposed new changes to the Vacant Residential Land Tax (VRLT) framework. Read the article to learn more. If you need advice or assistance, feel free to reach out at https://bit.ly/contact-lzr #TaxUpdates #VRLTChanges #FinancialAdvisory #Tax #Accountant #Finance