Over the last few years, there have been several changes to the tax regime for real estate, particularly real estate investment trusts (REITs.) Recent consultations on a review of the UK funds regime have resulted in the introduction of the qualifying asset holding company (QAHC) regime. New reserved investor fund (RIF) legislation is also in discussion. These vehicles have strict qualification criteria and specific rules regarding their special tax status, ongoing conditions and compliance. They provide a tax-advantaged structure to prevent unwanted tax-leakage or complexity and are increasingly popular.
In addition to tax regime reform, sustainability reporting is climbing to the top of the corporate agenda, as the reporting landscape is set for a major change. Since 6 April 2022, the UK's largest companies and LLPs have been required to disclose climate-related risks and opportunities in line with the Task Force on Climate-Related Financial Disclosures’(TCFD) recommendations. Full compliance with the new requirements involves significant work, and companies need to prepare for these mandatory sustainable reporting standards sooner rather than later.
A further change is afoot, with the Non-domestic Rating Bill (2022-23) currently making its way through the House of Commons and Lords respectively. Many UK ratepayers are unwittingly about to experience a seismic change in business rates legislation and policy.
Find out more about:
- The impact of the 2023 business rates revaluation
- The common structures used for the REIT, QAHC and RIF regimes, together with an update on the recent relaxations to the qualification conditions for REITs and an insight into the RIF consultation
- The changes in ESG reporting requirements for UK companies and how capital allowances can help drive ESG and carbon reduction in the real estate and construction sectors
- Changes introduced as part of the Non-domestic Rating Bill (2022-23) including a three year revaluation cycle, the introduction of a comprehensive business rates tax compliance regime, the remodelling of online data platforms and potential amends to England’s empty rates relief policy
- General background information on options to tax, the new procedures for opting to tax, service delivery by HMRC and how the domestic reverse charge (DRC) for building and construction services applies
Key take outs from this recording:
We’ll cover some of the key issues facing the real estate industry, including the introduction of new tax regimes, the impact of sustainability reporting, achieving net zero and the associated tax reliefs, as well as the new procedures on opting to tax and the DRC for the construction sector.
This webinar will provide an overview into each area and highlight key advantages along with practical issues. We will discuss our experiences and insights that can help you.
Ultimately, we will show the impact of change for the ratepayer, and take you through the areas you need to be aware of and the key points for your consideration.
Oli joined Evelyn Partners in November 2022 and is an employment tax and reward specialist. He has a range of experience covering employment status, off-payroll working, the construction industry scheme, benefits and other reward matters.
Martin is a chartered tax advisor with a background in construction and real estate. This unique blend of property and tax expertise and knowledge allows him to provide strategic and commercial advice to clients. He leads our specialist capital allowances and incentives services.
With extensive experience of real estate ownership structures, Jason advises on all aspects of real estate ownership, from initial acquisition through to final exit. Throughout this process, he considers the impact of UK direct taxes, VAT, stamp taxes, transfer pricing, capital allowances, and international taxes.
After joining Evelyn Partners in 2022, Colette leads our business tax rates service. Colette is a Chartered Surveyor and has extensive experience of both the real estate investment and occupational market, meaning she can advise on all aspects of business rates tax assessments.
Dominic provides specialist accounting advice to private and listed companies across a wide range of sectors. He has an in-depth knowledge of international and UK financial reporting standards and company law. Dominic also provides specific accounting support and services in relation to control reviews, quantification of accounting errors and corporate training.
With over 10 years of experience, Pranav advises large multi-national corporates and private equity funds on areas of performance improvement, operational turnaround and value creation through organic and inorganic strategies. He has experience of working with different industries, but has a keen focus on the financial services sector.
John has over 25 years of experience in VAT. Five of these were spent working with HMRC. As a Chartered Tax Advisor, John advises on all types of property transactions and developments. He provides practical solutions to ensure VAT compliance and works to resolve any VAT issues with HMRC to mitigate the potential impact.