Articles by Nick Braun on ArticleSnatch.com

Capital Gains Tax Changes

Mon, 12 May 2008 00:00:00 -0500

Our new Darling Chancellors first Pre-Budget Report, delivered on 9th October 2007, caused quite a stir in the UK property taxation world. The biggest news was undoubtedly the shock announcement of a new single flat rate of Capital Gains Tax. The new rate of 18% is to apply to all capital gains arising on or after 6th April 2008. And it isnt just a new rate of tax. Effectively, from 6th April 2008, we will have a whole new and much simpler property tax regime. The new flat rate system will replace the taper relief regime introduced by Gordon Brown in 1998. From April we will no longer be concerned with how long an asset has been held or whether it qualifies under the rather tortuous business asset rules the flat rate of 18% will apply to everything. In the immediate aftermath of the Pre-Budget Report, early commentators were swift to remark on what good news this was for property investors. The new rate of 18%, they argued, was an improvement on the effective long-term rate for sales of non-business assets by higher rate taxpayers holding property for ten years or more: 24%.** End Summary**

About the Author:
Youll find more property tax tips and buy to let tax information for landlords in the book How to Avoid Property Tax, available from www.taxcafe.co.uk

5 Tax Charges You Can Expect to Face When Buying, Owning & Selling Property Overseas

Thu, 10 Apr 2008 00:00:00 -0500

Most countries tax non-residents on property in their country. Furthermore, most double taxation agreements between the country and the UK do nothing to prevent this. Consider these five categories. 1. Tax on property purchases (similar to UK stamp duty land tax). After over 20 years in the tax advice business, there are few things which still surprise me. One thing which does still amaze me is just how often people still seem to overlook the fact that the UK is not the only country in the world with taxes. Anyone who invests abroad has a potential exposure to overseas property tax. Wherever you buy, you will face overseas property tax. Foreign property taxes generally fall into five categories; tax on property purchases; annual charges; tax on income; tax on property sales; tax on death or gifts. It is interesting to note that all but one of these categories are likely to apply to a foreign holiday home owned by a UK resident and if the property is ever rented out, all five will apply.** End Summary**

About the Author:
Carl Bayley is the author of How To Avoid Tax On Foreign Property. For more info on Overseas Property Tax visit Property Tax Abroad or Foreign Property Tax