Warrener Stewart Celebrates Autumn Statement Event

30 November 2015 •

With George Osborne’s 2015 Autumn Statement hitting the headlines on Thursday, 25th November, it seemed the perfect opportunity for the team at Warrener Stewart to discuss the topic of tax with our clients.
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The evening was very well received, and a big thank you for the representatives from Grifco, Plena Capital, Le Bureau, Woodfords Solicitors, Cumberland Place, Painsmith, Templar Financial Planning and Quickfire Films Limited who were in attendance. All in all, it was a successful evening for Warrener Stewart and the tax team. 

Warrener Stewart's Response to the 2015 Autumn Statement

26 November 2015 • Warrener Stewart News

Today’s Autumn Statement was almost entirely devoid of changes to the tax system – a welcome respite following the myriad of new measures announced in the Budget this summer. There were however a few important announcements today, which should not be overlooked.

SDLT and Property

The most significant change was a further squeeze on buy-to-let landlords – this time, through a surcharge on SDLT. From 1 April 2016, the purchase of buy-to-let residential property will attract a 3% surcharge over and above the usual rates of SDLT. Together with the abolition of the 10% “wear & tear” allowance also taking effect next April, and the proposed restriction on mortgage interest relief from April 2017, this presents a three-pronged tax attack on private landlords.

The 3% SDLT surcharge will also apply to purchases of second homes (“additional residential properties”) from 1 April 2016 onwards.

It is proposed that corporate landlords and property investment funds which own 15 or more residential properties will be exempt from the 3% surcharge, although this is subject to policy consultation.

From April 2019, where capital gains tax is due on the disposal of a residential property, payment of the tax will be due within 30 days of completion. This is a significant change from the current Self-Assessment system, under which individuals have up to 22 months until CGT is payable, depending on the time of year of the disposal.

Tax on Dividends

Although nothing new was announced today, we would like to re-highlight the major changes to the taxation of dividends announced at the Budget. The rates of tax applicable to dividend income will increase by 7.5% at all income levels from April 2016, although this is mitigated to a certain extent to a new £5,000 tax-free allowance for dividends.

Individuals with substantial dividend income – in particular shareholders of owner-managed companies – should start planning their profit-extraction strategy as soon as possible, in order  to mitigate the impact of these changes.

Inheritance Tax

In a U-turn to policies announced before the general election, the Government has confirmed that no restrictions will be introduced on how ‘deeds of variation’ are used.  This valuable IHT planning tool therefore remains available going forward, although the Government has said it will continue to monitor their usage.

If you would like to explore what today’s Autumn Statement could mean for you and your business, please call 020 7731 6163 to talk to one of our tax team. You can also download our updated 2015 / 2016 tax card.

An evening with the Tax Team - Discussing the Autumn Statement

19 November 2015 •

Warrener Stewart’s tax team will be hosting an evening event at the Fulham Broadway Bar and Grill on Wednesday, 25th November to review the Chancellor’s Autumn Statement.

The evening event will allow clients and contacts of Warrener Stewart to discuss with the tax team how, if any, of the changes that Mr Osborne announces in his statement, might affect them or their business.

“This is a fantastic opportunity to mull over the day’s events,” says Damian Talbot, head of tax at Warrener Stewart. “Our tax team are normally inundated with calls from clients following any announcements from the government about tax issues. By holding an evening event, this will allow us to discuss in detail anything that immediately concerns them.”

The event, to be held in the Members Lounge, starts at 6pm when canapés and drinks will be served until 8.30pm. Anyone wishing to be included on the guest list should email Felicity Butler.

“Attention to detail, breathtaking practicality, demonstrable value and practical implementation has been a Warrener Stewart USP that we've enjoyed and now couldn't live without.”
James Beagrie - Meon Valley Travel Group