Budget 2024 – Commercial Property Owners
The recent UK Budget has introduced several updates that will significantly impact the tax landscape for commercial property owners. While these changes may increase tax liabilities, there are also valuable opportunities to reduce those costs. Here at Aetas Partners, we are prepared to guide you through these changes, showing you how to take full advantage of tax relief measures, such as Embedded Capital Allowances, to offset potential tax hikes effectively.
Key Updates from the Budget Affecting Commercial Property Owners
One of the primary shifts in the recent Budget is the increase in Capital Gains Tax (CGT) rates on non-residential property disposals. Effective 30 October 2024, CGT rates have increased from 10% and 20% to 18% and 24%, respectively. Meanwhile, for commercial properties held in a personal name or company, the additional SDLT surcharge has also increased by 2%, now standing at 5% for additional dwellings. These changes are likely to impact your overall tax obligations, but there are steps you can take to reduce your bill.
Leveraging Embedded Capital Allowances to Offset Tax Liabilities
Embedded Capital Allowances can be a powerful tool to help you minimise your tax exposure. These allowances enable property owners to claim tax relief on certain integral features of their commercial properties, such as heating, lighting, and electrical installations. By identifying qualifying assets and claiming these allowances, you can reduce your taxable profits and potentially lower your Corporation Tax bill.
To qualify, your commercial property must be used for business purposes and have been purchased after the year 2000.
Join Us to Learn More – Event Invitation
Understanding how to navigate these new tax changes and unlock tax savings can be challenging, but we’re here to help. Join us for an exclusive event dedicated to helping commercial property owners like you optimise your tax strategy and capitalise on available allowances.
📅 Date: Thursday, 14th November
🕘 Time: 9:00 am
📍 Venue: Online Webinar- details here
This session will provide insights from our experts on how to assess and maximise your tax-saving opportunities under the new Budget guidelines.
Don’t miss this chance to gain clarity and confidence in your tax planning. Book your place now!