Overview
Most residential properties (dwellings) in the UK are owned directly by individuals. But in some cases a dwelling may be owned by a company or a partnership or other collective investment vehicle, whether UK resident or non-resident. In these circumstances the UK dwelling is said to be “enveloped” because the ownership sits within a corporate “wrapper” or “envelope”.
Chargeable Persons
The Annual Tax on Enveloped Dwellings (ATED) is a tax charged on “...
On 6 March 2024 the Chancellor of the Exchequer, the Rt Hon Jeremy Hunt MP, made his Spring Budget speech and set out the government’s plans to bring forward a series of reforms and measures to simplify and make the tax system fairer and supports public finances. Key tax measures announced are detailed below.
Information on all the measures announced, including the annual uprating of duties and rates, can be found in the Spring Budget 2024 and i...
In recent years, there has been a consistently growing interest by investors in purchasing UK residential properties, London in particular is an attractive destination for second homes or investment opportunities.
Owning a property in the UK can indeed be a good investment for both UK residents and non-UK residents, but it does come with Stamp Duty Land Tax (SDLT) implications.
This article focuses on the SDLT issues applicable to both UK and foreign buyers loo...
In recent years, the crypto-asset sector has experienced considerable growth, significantly changing the world of payments and investments. However, it has also suffered from poor regulation at the European level, including from a tax perspective.
The regulation of crypto-assets has, therefore, been a major challenge for European governments, including tax authorities, to create a new international standard for the automatic collection and exchange of informatio...
In Grand View Private Trust Co Ltd v Wen-Young Wong [2022] UKPC 47 the Privy Council analysed the purpose of a trust considering the scope of powers given to the trustees and whether any exercise of those powers is for a proper purpose.
Background facts
The case concerns two Bermuda-based trusts set up by two brothers, YC and YT Wang (the 'Founders'), founders of the Formosa Plastics Group (FPG), a large conglomerate business in Taiwan.
The first trust (irrevo...
