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What is the Residential Nil Rate Band? (RNRB)

From 6 April 2017, the Residential Nil Rate Band (RNRB) will be available for residences inherited by direct descendants (see below) in addition to the existing Nil-Rate Band (NRB) which is currently £325,000. From 2017/18 the RNRB will be phased in, at this point the sum which will be able to be claimed is £100,000, increasing by £25,000 each year until 2020/21 when it reaches £175,000. The current rate of NRB will be frozen at £325,000.00 during this period. As with the NRB, any unused RNRB can be transferred to…

Buy to let Landlords beware – letting prevented by lease user restriction

The Upper Tribunal has held that a flat owner was prevented from letting out their flat due to the terms of the lease restriction as to the use of the property. The landlord successfully appealed against a decision at first instance that the flat owner was not in breach of covenant. In the case of Roundlistic Limited v Jones and Seymour [2016] UKUT 325 (LC), a restrictive covenant confirmed the maisonette's use to occupation by the tenant and their family. This was held to mean meant that only the flat…

Jammy and dodgers focus of Hammond’s first and last – Autumn Budget Statement 2016

The first steps towards preparing the UK for a post-Brexit future were announced by Chancellor Philip Hammond in his Autumn Budget statement, with a focus on lower income households and business tax avoidance. The new Chancellor announced a reduced growth target and predicted a tougher economic period during the transition towards Brexit. The target set out by his predecessor to achieve a surplus by 2020 has been set aside, with growth predicted to fall to 1.4% in 2017 and cumulative borrowing over the next five years predicted to be £122bn…

Changes: Are you eligible for Legal Aid?

The legal aid system drastically changed since 1 April 2013. This was when the Legal Services Commission was replaced by the Legal Aid Agency, and the cuts imposed by the Legal Aid, Sentencing and Punishment of Offenders (LASPO) Act 2012 took effect. LASPO implements substantial scope cuts to civil legal aid. Domestic violence: trigger evidence Under the new family legal aid rules, most private law services are only available to the victims of domestic violence. In order to be entitled to legal aid, the client has to prove that they…

Crowd-funding property investments: open to anyone with a spare £10

Successive political, cultural and financial developments over recent years have led to the emergence of a generation of people for whom property ownership is a distant dream. For some, property ownership is not appealing in itself. For others, the chance of saving a meaningful deposit is so remote that the prospect isn't even entertained. Even successful Landlords with vast and profitable property portfolios are losing interest in the sector, as taxation and regulatory disincentives dampen the mood (is the age of the amateur landlord over?). The good news is that…

Keeping children safe as the days get darker

The clocks will be going back at 2am on Sunday 30th October, bringing lighter mornings and darker evenings, and parents are being encouraged to take a safety check with children in readiness for the change. This year marks the centenary for daylight saving, a practice introduced during the First World War to save on energy costs and offer people more time outdoors. But even though it’s been around for 100 years, the change still catches many people out, particularly when it comes to the darker end to the school day.…

Guide to Duties and Responsibilities of Directors of Limited Companies

Here is a short overview of the general duties of directors. Who is a Director? You will normally know if you are a director as you will have formally accepted the position. However, if you exercise sufficient influence over a company or act as if you are a director, you may be treated as a director for certain purposes even if not formally appointed. Should you be a Director? Certain people are prohibited from acting as a director, including person under 16 years of age, bankrupts, disqualified persons and a…

Investing in Student Accommodation

UK Housing Sector growth Triggered by the UK being the second most popular destination for international students, global investment into the UK housing sector is predicted to enjoy strong growth in the future, fuelling developments for student accommodation for rental purposes, which enjoy good revenue streams. However, there are pitfalls to avoid and this article highlights some common areas of risk when investing in student accommodation. Tax Planning A recurring issue in student accommodation development is trying to obtain zero-rating eligibility so that VAT can be recovered. For example, a…

What is Post-completion and how long does it take?

If you have ever sold or purchased a property you may be familiar with the concept of "Completion". For those who have not done so, completion is the date on which the parties to a transaction physically move to their respective properties, once the solicitors have sent the funds and these have been received. As far as a seller or purchaser is concerned that is the end of the matter for them, as they are either moving onto their new home or receiving a balance in their bank account. For solicitors,…

Changes that affect your confirmation statements

The Confirmation Statement – Replacing the Annual Return Where UK limited companies and LLPs were required to file an annual return they will now be required to complete a new form, the confirmation statement, which is to be filed at Companies House. This is one of the many changes that have been brought in by the Small Business, Enterprise and Employment Act 2015 – other important changes in this legislation include the requirement for companies to keep a Persons of Significant Control Register (PSC Register) and a ban on corporate directors.…

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