Equiom and Savills host seminar on UK property
Thursday 08 November 2018
Equiom’s tax and VAT division, Equiom Solutions, will be hosting its annual seminar with London-based Savills Real Estate on 15 November at the Claremont Hotel. Experts from both businesses will address key issues and opportunities for UK property owners and investors living in the Isle of Man.
Helen Woods, Managing Director of Equiom Solutions will open the seminar, which will consist of a series of presentations from members of both teams including, Glenn Cassidy (Senior Tax Consultant, Equiom Solutions), Faisal Choudhry (Director, Savills Scottish Research), Steven Lang (Director, Savills Commercial Research), Simon Aldous (Director, Savills London Valuations) and Alec Harragin (Associate Director, Savills London Valuations). Glenn will discuss key changes to the taxation of UK property proposed by the UK Government and their potential impact on local residents while Simon will explore any new valuation requirements as a result of these proposed changes. Faisal and Steven will address the challenges and opportunities in the residential and commercial property sectors and finally, Alec will touch on the area of student accommodation and what considerations there are for this type of investment.
Helen Woods explained the idea behind the seminar:
‘With the release of the draft 2018/19 Finance Bill, the UK Government confirmed its intentions to make some key changes to the way UK property is taxed. These changes, which are expected to come into force starting in April 2019, could require action for non-UK residents who will be subject to a new tax charge on the disposal of UK commercial property and indirect holdings in UK property. In addition, those who are non-resident corporate landlords will move from income tax to corporation tax with effect from April 2020. At the seminar, we hope to furnish attendees with new information about these changes and provide them with the knowledge necessary to be prepared and seek advice where necessary. With Savills on board, we will have the expertise from both the tax and the property side in order to answer questions and ensure Islanders are better informed about their UK property assets.’
Simon Aldous continued:
‘With the proposed changes due in April 2019, there will be a knock on effect to a property’s valuation. If there are leases to be renewed, terminated or reviewed and if these actions are likely to increase the value of the property then it would be sensible to get this done before next April. This topic, along with real estate opportunities in and outside of London as well as a view of the commercial market will be discussed in more detail at the event. It is set to be an interesting discussion, especially considering the recent UK budget announcement and I urge anyone with an interest in UK property to attend.’
Equiom Solutions provides tax and estate planning services to Isle of Man residents and businesses. The highly qualified and experienced team offers tax and estate planning advice and help with annual tax obligations, as well as outsourced tax compliance services for fiduciaries. Savills is a global residential and commercial real estate services provider, offering property management, valuation and consultancy, leasing and occupier services.
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