Justin Rourke who is based from Armstrong Watson's Penrith office for 13 years is promotoed to Senior Financial Planning Manager within Armstrong Watson’s Financial Planning and Wealth Management team.
Whilst every business is unique, there are common issues and themes that affect businesses of all sectors, shape and size across our region.
I’m always keen to hear from our clients and local business leaders about what’s top of their current agenda when it comes to business concerns. I thought I’d share with you just a few of the recent conversations (excluding Brexit!) we’ve been having as a firm with the business and clients we work alongside – and reassure you you’re not alone!
Whilst many headlines are focused on the uncertainty around Brexit, it will probably not have gone unnoticed that there have been some large businesses in the news recently, many of whom are struggling. Debenhams and Sir Philip Green’s Arcadia Group have both managed to agree restructuring plans, whilst British Steel faced insurmountable debts, which has forced its closure.
As many will be aware, the government have restricted the tax relief available to landlords from increasing Land and Buildings Transaction Tax and restricting the amount of loan interest relief available against rental income.
From 6 April 2020 the government will now further reduce the deemed occupation period allowable under Principal Private Residence (“PPR”) relief and remove Letting Relief.
Residential property owners have had their fair share of tax changes to contend with in recent times. However there is a further matter on the horizon which I don’t think has been particularly well publicised. This concerns a fundamental change to the administration of Capital Gains Tax for sales or other disposals of UK residential property from 6th April 2020. On this date a new 30 day reporting and payment window will come into effect.
Passing a Holiday Park on to the next generation is very attractive to owners, However, on death, if the Park is deemed to be an investment entity and not that of a trading one, the taxman could take a chunky 40% of the park’s value through Inheritance Tax (I.H.T).
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