London | Frankfurt | Madrid | Milan | Rome

MODERN LAWYERSFOR CHANGING TIMES 'a City firm in a non-City location' - Legal 500

JUN
17

So Just How are Buy to Let Investors reacting to the Increase in Stamp Duty?

buy to let signMost assume that the increase, together with the reduction in tax relief, will be passed to the Landlord’s tenants.

Some investors are setting up corporate structures in which mortgage interest could still be set off against tax; we would advise consulting a specialist tax accountant if you are thinking of doing this.

Allsop, the auctioneers, are reporting that they witnessed the largest turnout to date at one of their more recent property auctions, though they noted that the bids on property  were lower than the past.

Overall, the increase in stamp duty does not appear to have deterred BTL investors.

Continue reading
  1266 Hits
1266 Hits
JUN
16

A Buoyant Year End for HMRC

HMRC logoHMRC had a buoyant year end in March 2016, as a result of the Stamp Duty increase deadline; a record high in stamp duty receipts was recorded.

A YouGov survey concluded that the majority of public opinion gave overwhelming support to the increase in stamp duty, because they believed that the benefit will be passed to First Time buyers. The outcome remains to be seen.

Things became more difficult for HMRC when in an embarrassing (for them) judgement handed down by the Court of Appeal, it was pointed out to HMRC that they had pursued the wrong party when seeking the payment of £50 million stamp duty due as a result of the sale of the Chelsea Barracks in 2007. It seems that the true owner of the property is the Qatar based bank Masraf al Rayan, though the purchaser was an investment company ultimately owned by the Qatar Investment -Authority. HMRC will appeal, apparently, but we can't help thinking that there wouldn't be many UK based purchasers that could get away without paying Stamp Duty!

Continue reading
  1741 Hits
1741 Hits
JUN
16

Property Market Awaits the June Brexit Referendum

brexit 1After having successfully survived the frenzied madness of March 2016, during which our property lawyers were overseeing up to 16 completions a day because of a rush to beat the March 31st Stamp Duty Land Tax increase deadline, the property market is now quieter.

Most potential buyers and sellers anxiously await the outcome of the Brexit referendum on June 23rd 2016. Other factors suggest that perhaps we have reached the top of the 12 year increase in property prices and the market, especially in London and the South East, is heading for a correction.

Statistics published in April 2016 show that mortgage lending for the month fell by under 1/3; residential transactions in the country fell below 100,000 as did Stamp Duty receipts, as one would expect.

The National Association of Estate Agents in April saw a marked reduction of new buyers (the lowest since March 2014) together with a sharp drop of properties coming to market .

Continue reading
  1244 Hits
1244 Hits

Accreditations
and Awards

legal 500 uk leading firm 2017 chambers leading firm 2017