UK RESIDENTIAL PROPERTY TAXATION A guide for non-uk company owners

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1 UK RESIDENTIAL PROPERTY TAXATION A guide for non-uk company owners

2 This publication is not meant as a substitute for advice on particular issues and action should not be taken on the basis of the information in this document alone. This firm is not authorised by the Financial Conduct Authority (the FCA). However, we are included on the register maintained by the FCA (www. fca.gov.uk/register) so that we can offer a limited range of investment services (including insurance mediation activities) because we are authorised and regulated by the Solicitors Regulation Authority (the SRA). We can provide these services if they are an incidental part of the professional services we have been engaged to provide. Mechanisms for complaints and redress if something goes wrong are provided through the SRA and the Legal Ombudsman. Bircham Dyson Bell LLP processes your personal data in connection with the operation and marketing of a legal practice and will occasionally send you information relating to the firm. If you would prefer not to receive this information or would like us to amend your contact details and/or mailing preferences, please notify us by Bircham Dyson Bell LLP is a member of Lexwork International, an association of independent law firms. Printed on sustainable paper.

3 UK RESIDENTIAL PROPERTY TAXATION Property tax in the UK can be complicated, especially for a non-uk resident corporate owner. We look at the taxation of rental income where the property is held as an investment and is rented out. We also examine the implications of the new annual tax on enveloped dwellings where the property is occupied by a person with a connection to the corporate owner. We include useful links to websites as well as details of our expert advisers at the end. 1

4 RENTAL INCOME FROM PROPERTY Any income from the rental of UK property is taxable in the UK and must be reported to Her Majesty s Revenue & Customs (HMRC) on a self assessment tax return. The rental of the property (whether commercial or residential) is treated as income from 2 running a business. If the landlord is a non-uk resident then the landlord will be subject to certain special rules regarding the property rental income which they receive. This is known as the non-resident landlord scheme.

5 WITHHOLDING TAX/NON- RESIDENT LANDLORD SCHEME There are two possible ways in which the landlord can pay tax on rental income received from the renting of UK property. DEDUCTION OF WITHHOLDING TAX BY TENANT/MANAGING AGENT The non-resident landlord scheme has special rules which place an obligation on the management agent who collects the rents, or in the absence of a managing agent, the tenant to withhold tax from the rents paid to the landlord and to pay this amount to HMRC on a quarterly basis. This tax is then available to set against the landlord s final liability for the year. REGISTER FOR APPROVAL UNDER NON-RESIDENT LANDLORD SCHEME Alternatively, the landlord can register to be included in the non-resident landlord scheme which will then allow the landlord to receive the rental income without being subject to the withholding tax as described above. To be included in the scheme the landlord will need to submit an application to HMRC. HMRC will then issue an approval number which will be passed onto the managing agents. Before issuing the approval HMRC will carry out checks to ensure that the landlord does not have any outstanding UK tax liabilities and all previous returns have been filed and paid by the appropriate due dates. 3

6 TAXABLE PROFIT To calculate the profits subject to tax the landlord will be able to deduct certain allowable expenses from the rental income. The expenses incurred will need to be analysed to determine if they are allowable as a deduction against the rental income. Allowable expenses will include such things as: managing agents fees; legal fees in connection with rental of the property; loan interest costs; rental/letting agreements; inventory checks; repairs; utilities; marketing costs; ground rents; service charges; decorating/gardening; and 10% wear and tear (if the property is rented as furnished). This list is not exhaustive and it is important that all expenses should be analysed to ensure the correct treatment. Any expense which is not allowable as a deduction from the rental income should be noted as it may be possible to add this to the original purchase price of the property for the calculation of any capital gains tax (if relevant). Examples of such expenses are improvements to the property, extending leases or purchasing freeholds and the costs associated with doing so. 4

7 5

8 REPORTING THE RENTAL INCOME AND PROFITS TO HMRC If a landlord has received rental income during a UK tax year (6 April to 5 April), they will be required to complete a tax return. The return must be filed and tax paid by 31 January following the end of the tax year, e.g. year ended 5 April 2014 (2013/2014 return) must be filed by 31 January The tax return will need to include all the rental income and expenses, which are allowable as a deduction from the income. This taxable income will then be subject to tax at the appropriate rate. In addition to filing the tax return by 31 January following the end of the tax year, any tax due must also be paid by this date. Tax paid late may be subject to interest and penalties. 6

9 ANNUAL TAX ON ENVELOPED DWELLINGS (ATED) From 1 April 2013 a new tax on what are known as enveloped properties was introduced. Broadly speaking, this places a tax charge on any residential property worth more than 2m which is held through a non-resident company, a common structure for owning London properties, in particular for properties occupied by non-uk domiciled individuals. Currently, the annual charge for a property valued at 2m is 15,000 pa rising to 140,000 p.a. for properties worth 20m and above. There are reliefs available in certain situations although an annual tax return must be filed and any available relief claimed. One of the reliefs is for properties let to third parties, so being in the non-resident landlord scheme should be helpful in demonstrating eligibility for the relief. The return for 2013/14 is the initial year for which a return is required, and as such the time limits for filing the return and paying the charge are different than those which will apply from 2014/15. For 2013/2014 the return had to be completed and filed with HMRC by 1 October 2013 and the payment made by 31 October For 2014/2015 onwards the return and tax must be filed and paid by 30 April If returns are submitted and/or tax is paid late, HMRC may charge interest and penalties. Where a property liable to ATED is sold or ownership is changed, there may also be an ATED-related capital gains tax liability to gains arising since 6 April

10 HOW WE CAN HELP Dealing with HMRC can be, and often is, a daunting prospect and professional advice should be sought to ensure that the correct details are provided. HMRC has recently launched a campaign offering landlords the opportunity to put their tax affairs in order. The campaign gives landlords the opportunity to disclose and settle previous years undeclared or under-declared property income. As well as assistance in buying and selling property and advising on the pros and cons of the alternative structures which may be used when purchasing property and advising on how to change property ownership, we are able to assist in all dealings with HMRC, including where necessary: application to be included in the Non-resident Landlord Scheme; preparation of the annual self assessment tax return; calculating the tax due and advising on dates when payments are due; preparation of the annual ATED return; advice as to availability of any relief which may be available and calculation of taxable income from the property; and advice on any capital gains tax liability. Our experts are kept up to date with changes in legislation that may affect you. We have acted for numerous non-uk resident corporate purchasers and advised on UK tax liabilities and reporting requirements. 8 If you are considering purchasing a property in the UK as an investment or to live in, please get in touch with us for a no-obligation conversation.

11 CONTACTS Helen Ratcliffe (Partner) T +44 (0) E Elaine Dobson (Partner) T +44 (0) E Paul Gallagher (Senior Personal Tax Manager) T +44 (0) E USEFUL WEBLINKS

12 Bircham Dyson Bell LLP Broadway London SW1H 0BL T +44 (0) Follow BDB_Law Follow Bircham Dyson Bell

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