The Australian Taxation Office (ATO) has provided useful guidance and ‘safe harbours’ for when the executors or beneficiaries of a deceased estate can access the Capital Gains Tax (CGT) main residence exemption for a property that was the deceased’s main residence at the time of their death.
Radical changes to the taxation of UK real estate were announced in the autumn Budget.
Investment into UK real estate has long had a privileged status, especially for investors based overseas. But over the last few years those tax privileges have been whittled away.
Two years ago the UK extended Capital Gains Tax to individuals and closely held companies owning UK residential property. Last year the UK tax code was amended to make sure that profits from development of UK land were taxed wherever they arose. And in this year’s Budget the Government has announced that with effect from April 2019 offshore investors will pay Capital Gains Tax on their profits from UK commercial real estate.
As cryptocurrencies gather momentum among investors, it is no surprise that both the public and the Australian Taxation Office are turning their thoughts towards those who invest in this digital asset.
It should also come as no surprise that tax is an afterthought for many seeking to jump on board, particularly given the sharp rise in popularity and value of cryptocurrencies.