Property Tax March Newsletter
Welcome to our March monthly newsletter, which includes some tax updates that may be helpful for your clients.
New team members
We recently welcomed two new team members:
Jake Egner, Property Tax Adviser, Colchester
Hannah Goldsmith, Tax Operations Executive
Tax Updates
Year End Tax Planning
As the end of the tax year approaches, it’s time to review your financial affairs – both personal and for your business – to ensure reliefs are maximised and planning opportunities are considered.
Our useful guide provides you with some insights into planning opportunities that are available and also to consider up and coming changes to the tax landscape in the year ahead whether you are a business owner, property owner or private individual.
Read more here: Year End Tax Planning Guide (2024/25) | East & South East | Affinia
Summary Guide to Annual Tax on Enveloped Dwellings (ATED)
HMRC has recently sent out many reminder letters to taxpayers to check their Annual Tax on Enveloped Dwellings (ATED) obligations. The letters focus on offshore companies who qualify for property business relief. Please be aware if you do no react then any future compliance checks that do uncover errors will result in a prompted disclosure position which will mean penalties will be a far greater financial risk for your business. It is therefore important that you and your clients act on this now and review their ATED obligations.
Our ATED guide helps to understand the key aspects of ATED, including thresholds, reporting requirements, and available reliefs.
Read the full summary guide here: Summary Guide to Annual Tax on Enveloped Dwellings (ATED) | East & South East | Affinia
Changes to Multiple Dwellings Relief for Land Transaction Tax
Multiple Dwellings Relief is no longer available in Wales from 7th February in respect of purchases where the subsidiary dwelling rule applies and the purchase is subject to the main rates and not the higher rates of Land Transaction Tax.
Read the Government guidance here: Written Statement: Land Transaction Tax Multiple-Dwellings Relief (14 January 2025) | GOV.WALES
Guide to Furnished Holiday Lettings Tax Changes
As a final reminder, HMRC published clarification following the abolition of the Furnished Holiday Lettings (FHL) tax regime with effect from 1st April 2025 for corporate bodies liable to Corporation Tax, and from 6th April 2025 for individuals liable to Income Tax and Capital Gains Tax.
Read the full guide here: Changes to the tax rules for Furnished Holiday Lettings | 6 Key Tax Planning Opportunities | East & South East | Affinia
Changes to SDLT Nil Rate Threshold
Further to our previous update on SDLT, starting 1st April 2025, there will be additional changes that were not mentioned in the budget as a result of the ending of a temporary relief period initially introduced in September 2022.
It is important to understand these changes and how they impact the Stamp Duty Land Tax (SDLT) position on residential property purchases.
Read our full article here: Changes to SDLT Nil Rate Threshold: What You Need to Know | East & South East | Affinia
If you have any queries, please contact the Property Tax team in the first instance via PropertyTax@Affinia.co.uk.