Taxation of UK Land and Buildings
An Extended Afternoon Seminar at The Law Society’s Hall, London WC2A
Wednesday May 9th 2018
Fees £575 + VAT (of £115) = £690
With early bird price for bookings confirmed before April 9th of £520 + VAT (of £104) = £624.
Since the Brexit Referendum, the screws of UK tax law continue to be tightened to increase taxes on UK land. Most affected are companies, trusts and individuals resident (or domiciled) outside the UK. Is this some cunning plan to encourage the foreign investment which will be so badly needed once the UK has left the EU?
First, the anti-avoidance rules which tax capital gains as income were replaced wholesale by more Draconian provisions and non-UK residents who make gains from UK land have been subjected to new charges on income even when they do not trade in the UK through a permanent establishment, in each case without any consultation.
Next, new rules were enacted to prevent indirectly held UK resident property interests falling outside the charge to inheritance tax as excluded property.
Now, there are proposals for the taxation of non-UK residents in respect of capital gains from directly or indirectly held UK real property of any description.
Next, will do doubt be the extension of the inheritance tax rules to all indirectly held UK real property interests.
The rates of SDLT have been greatly increased and the rules become more complex than ever.
VAT on UK land, never a simple topic, has become horrendously complex, even before Brexit.
A panel of barristers will discuss tax planning in the light of these changes and likely future changes.
Robert Venables Q.C. (Chairman)
All the speakers are from Old Square Tax Chambers, Lincoln’s Inn, WC2A 3UE, 020 7242 2744, firstname.lastname@example.org.
12.00 Registration and Buffet Meal
13.00 Chairman’s Introduction
13.05 Trade of Dealing in United Kingdom Land & New Anti-Avoidance Provisions – Robert Venables Q.C.
New Finance Act 2016 Regimes for corporation tax and income tax – Widened Scope of Charge – Comparison with Replaced Anti-Avoidance Provisions – Irrelevance of permanent establishment – Unexpected Effects
13.45 Taxation of Non-UK Residents on Chargeable Gains from United Kingdom Land – Sarah Squires
The present regime: ATED gains and NRCGT gains on residential property interests – The Consultation Document Taxing gains made by non-residents on UK immovable property: extension of direct charge to all United Kingdom property interests – introduction of charge on indirectly held United Kingdom property interests – transitional provisions
14.30 Current SDLT Issues – Patrick Cannon
When can you claim the lower rates for mixed use property? – SDLT Follower Notices after Geering v HMRC  – Is there a gap in the 3% additional rate for joint owners who purchase another dwelling? – Supreme Court decision in Project Blue – FA 2018 SDLT changes
15.10 Inheritance Tax on Indirectly Held United Kingdom Residential Property Interests
Finance (No 2) Act 2017 Changes – Interests in Companies and / or Partnerships – Creditor’s Rights under Loans – run-off charge the TAAR – Extension to all United Kingdom property interests?
15.40 Current VAT Issues – Etienne Wong
Non-resident landlords, managing agents and “fixed establishments” – HMRC’s current position; Novating sale contracts; Recovering VAT on property developments – Iberdrola; Using land to pay tax (and distributions in specie); Non-business charitable use, incorporating existing buildings in residential developments – is Brexit the answer?”
16.20 Discussion Session with Tea
16.35 Double Taxation Conventions and EU Law Defences – Robert Venables Q.C.
Wording of Double Taxation Conventions – Limited Treaty Override – EU Override
17.00 Questions to Panel and Discussion Session
17.30 Close of Seminar
Cancellations in writing 14 days prior to the seminar qualify for a refund subject to a £50 charge. Cancellations within 14 days prior to the seminar do not qualify for a refund.
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