Cardiff Resident

The Local Housing Allowance (LHA) rates in the UK will be raised to the 30th percentile of local market rents from April 2024, the chancellor announced in today's Autumn Statement.

HMRC are commencing a One to Many (OTM) letter campaign in November 2023 which will target a small population of taxpayers who have incorporated their property business in the tax year 2017/18 but reported no Capital Gains Tax (CGT) liability on their Self Assessment tax return on the basis that incorporation relief under section 162 Taxation of Chargeable Gains Act 1992 applies in full. One area suggested to check in the full letter is: that your calculation of the incorporation relief available to you didn’t include any other type of consideration apart from shares received in exchange for the property business - for example, a sum credited to director’s loan account https://www.tax.org.uk/hmrc-one-to-many-letter-capital-gains-tax-incorporation-relief-property-businesses