HM Revenue & Customs (HMRC) has published guidance on profits from a trade of dealing in or developing UK land.
In the 2016 Budget, the Government announced changes designed to counter the use of offshore structures, in order to disguise what is in essence a trade in land or a trade in developing land, and ensure the taxation of onshore and offshore property developers was put on a level playing field.
This guidance note should be read alongside the legislation which was published on 6 July 2016.
For further information about how these changes could affect you and your property investments, speak to a member of our Property, Landed Estates and Rural Businesses specialists. Contact Barrie Dunning or your usual Beavis Morgan Partner.