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Taxation Overview

  • United Kingdom property taxation is highly complex, specialist advice is essential to ensure that only the proper, and not an excessive amount of tax is paid.
  • All property transactions have a taxation implication for, both, individuals and Corporates.
  • Most property taxation calculations require either a valuation, an apportionment or an appraisal. These are dealt with under the following headings:- Income and Corporation Tax, Capital Gains Tax and Inheritance Tax Capital Allowances, VAT and Stamp Duty Land Tax.
  • At PTS advice can also be provided on the value of Goodwill, where included in an asset, Undivided Shares in property and claw-back arrangements.
  • Property occupation has its own tax consequences in relation to repairs, maintenance, improvements, VAT cost and recovery.
  • The complex “rules” surrounding property taxation are capable of manipulation to the benefit of both the Inland Revenue and the taxpayer.
  • PTS provide informed pragmatic advice helps to maximise reliefs and minimise liability.
  • At PTS we offer three levels of service:
    • A comprehensive valuation and negotiation service on a property-by-property or portfolio basis.
    • A direct support service to retained legal, accountancy and valuation advisors in structuring valuations, maximising or minimising valuations as appropriate, conducting or assisting in negotiations with HMRC.
    • A consultancy service providing specialist advice as required, a pragmatic review of taxation valuations, particularly historic ones, and advice on negotiations, planning and strategy.
      Expert witness services for cases before Special or General Commissioners, or in the Lands Tribunal are a feature of our service.
  • Different Types of taxation are subject to different valuation rules.
  • All are statutory but many are also based on case law.
  • Stock in trade is valued on the basis of PS 21 in the RICS Valuation Standards the ‘Red Book’.
  • Valuations for Corporation Tax on Chargeable Gains are made on the basis of UKGN3 of the same manual (for details see section 3).
  • The difference between repairs, maintenance and improvements is not only different from tax schedule to schedule it is based on case law and interpretation.
    Capital Allowances and their impact rely on case law, legislation and the DEFRA technology lists (for details see also Section 4).
  • Benefits in kind are valued on the basis of case law.
  • Occupational rights, which are benefits in kind, may be tax free or valued on different approaches.
  • Transfers, which are between, connected persons or not at arms length may be re-valued by HMRC on the UK GN 3 basis.
  • A rent not entered into on a commercial basis may, in certain circumstances, be adjusted to reduce it as a tax deduction.
    The valuation of partly built property is subject to special rules and also has consequences for VAT (for details see also section 5).
  • Knowing what the values will be, what approach the HMRC might take and achieving the best result is all part of our service.
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