Business Tax: Property matters

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Businesses operating within the property and construction sector may have specific needs and requirements that are not commonly found in other sectors.  This may include for example complying with the Construction Industry Scheme. Our specialist property and construction team can assist with all sector specific matters that may arise.

Property considerations are not limited to the property and construction sector and are likely to affect all businesses at one time or another, regardless of their form or the sector in which they operate.  The relevant issues are wide ranging, and for some they may occur regularly whilst for others just at certain times during the business’s life cycle.  Whatever the issue, our sector team has the relevant specialist to assist.

The tax landscape in relation to property has changed dramatically over recent years with various tax rule changes and anti-avoidance measures.

Common areas to consider include:

  • How to structure the acquisition of residential or commercial property, whether for use in the business or being acquired as an investment   
  • Tax implications if the intention regarding a property changes (e.g. property  acquired or built with the intention to sell but now to be retained)
  • Ensuring tax reliefs are maximised, for example capital allowances and the Structural Buildings Allowance
  • VAT recovery on build costs
  • Stamp Duty Land Tax – ensuring excessive SDLT is not paid unnecessarily and reliefs maximised
  • Various anti-avoidance rules and how they may impact, for example the Transaction in Land Rules or the Targeted Anti Avoidance Rules (TAAR) commonly referred to as ‘anti-phoenix rules’.

Contact Menzies Business Tax Team

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