This is the third of the three-part episodes we filmed with 3 different experts covering the newest 2021 updates of the UK real estate market. Learn more about obtaining a mortgage in the UK, tips on doing taxes, and what to be aware of when investing in UK properties.
Today’s episode is all about UK investment taxes. We interview Gordon Franks at Soteria Trusts https://www.soteriatrusts.com/ – a company providing a range of trust and fiduciary solutions to help clients manage, grow, and protect their valuable assets within their lifetime and create a tax-efficient legacy for their beneficiaries – and Kenneth Yeung at China Consortium – a global Business Advisory and Accountancy practise with offices in Hong Kong, China and the UK. They provide traditional book-keeping, auditing, taxation and company secretarial services to the Chinese communities in London and the South East of England.
Through this episode, you can get a detailed explanation of what type of taxes you need to pay when investing in UK properties and what you should be aware of. This is going to be amazing for those of you who might be interested in investing in the UK. Please share this video with anyone who might be interested and we hope you enjoy the show!
今天的節目是關於英國投資稅的。我們採訪了Soteria Trusts的Gordon Franks，這家公司提供一系列信託和信託解決方案，幫助客戶管理、發展，並在他們的有生之年保護他們的寶貴資產，為他們的受益人創造一個節稅的遺產——以及Chinese Consorium的Kenneth Yeung ——一個在香港、中國和英國設有辦事處的全球商業諮詢和會計業務。他們為倫敦和英格蘭東南部的華人社區提供傳統的簿記、稽核、稅務和公司秘書服務。
This episode is very informative, and I think it thoroughly covered most of the essentials on taxes for UK property investors. It is a lot of work to do yourself, and it may be best to engage with a tax expert to assist you. If you have any suggestions on any topics or questions about the UK market, please feel free to comment. Also, feel free to direct any questions to Kenneth and Gordon about tax-related matters.
- Tax When Buying UK Properties
- UK Property Tax
- Minimising Property Tax
- Latest Tax Changes
▶ About the guest:
Gordon Franks is the Managing Partner of Lifestyle Brokers in Hongkong. Primarily focusing on helping Hong Kong residents to purchase properties overseas with a focus on the UK, Lifestyle Brokers do not only source the properties but also help arrange finance and provide full turnkey solutions.
Soteria Trusts https://www.soteriatrusts.com/ – a company providing a range of trust and fiduciary solutions to help clients manage, grow, and protect their valuable assets within their lifetime and create a tax-efficient legacy for their beneficiaries – and Kenneth Yeung at China Consortium – a global Business Advisory and Accountancy practise with offices in Hong Kong, China and the UK. They provide traditional book-keeping, auditing, taxation and company secretarial services to the Chinese communities in London and the South East of England.
▶ Connect with the guest
- Website: https://www.soteriatrusts.com/
- LinkedIn: https://www.linkedin.com/in/gordon-franks-19279715/
- WeChat: LFSHKGordon
- Email: firstname.lastname@example.org
- Website: www.china-consortium.com
- Telephone: +852 3108 7300
- Email: email@example.com
▶ Source & Supporting:
Income Tax Income tax is a type of tax that governments impose on income generated by businesses and individuals within their jurisdiction. By law, taxpayers must file an income tax return annually to determine their tax obligations. https://www.investopedia.com/terms/i/incometax.asp
Corporate Tax A corporate tax is a tax on the profits of a corporation. The taxes are paid on a company’s taxable income, which includes revenue minus cost of goods sold (COGS), general and administrative (G&A) expenses, selling and marketing, research and development, depreciation, and other operating costs. https://www.investopedia.com/terms/c/corporatetax.asp#:~:text=A%20corporate%20tax%20is%20a,depreciation%2C%20and%20other%20operating%20costs.
Capital Gain Tax A capital gains tax is a tax on the growth in value of investments incurred when individuals and corporations sell those investments. When the assets are sold, the capital gains are referred to as having been “realized.” The tax doesn’t apply to unsold investments or “unrealized capital gains,” so stock shares that appreciate every year will not incur capital gains taxes until they are sold, no matter how long you happen to hold them. https://www.investopedia.com/terms/c/capital_gains_tax.asp
Stamp Duty Land Tax The term stamp duty land tax (SDLT) refers to a tax imposed by the U.K. government on the purchase of land and properties with values over a certain threshold. This tax is payable to Her Majesty’s Revenue and Customs (HMRC) and must be remitted within 14 days of the completion of a property purchase or transfer in England and Northern Ireland. The rates payable depend primarily on whether the land or property is for residential, non-residential, or mixed purposes. https://www.investopedia.com/terms/s/stamp-duty-land-tax-sdlt.asp
Annual Tax on Enveloped Dwelling ATED, or the Annual Tax on Enveloped Dwellings, is a type of property tax. It is levied on dwellings in the UK valued at more than £500,000 and owned by a company, a partnership in which one partner is a company or a collective investment scheme. https://www.simplybusiness.co.uk/knowledge/articles/2017/11/what-is-annual-tax-on-enveloped-dwellings/
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Alright, let’s get back to the transcript of the show. Enjoy!