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UAE agrees to share crypto information with international tax authorities
Waqar Shah
Home working continues to remain popular amongst office workers which has brought with it a rise in demand for housing with adequate office space. New office structures in gardens are space savers for the main house and can immediately add value to your property. However, whilst these additional structures can be a great addition to your hybrid working set-up there are a few things buyers need to consider when buying a property with an outside office.
As cryptocurrencies continue to reshape the financial landscape, their use in UK property transactions is gaining momentum. With recent research showing that 12% of UK adults now own crypto, it is no surprise we are seeing this wealth flow into everything from modest family homes to large-scale commercial investments. For property solicitors, agents and wealth advisors alike (who are at higher risk of being unwitting facilitators in laundering criminal proceeds), navigating the intersection of blockchain assets and UK property and Anti-Money Laundering (AML) legislation brings both exciting opportunities and complex challenges around legitimacy, regulation and long-term integration into the market.
Whether you are taking the big step of buying or renting your first commercial property, purchasing a development site, adding to your buy to let portfolio or purchasing your new home, understanding Value Added Tax (VAT) is an essential part of the world of real estate.
You own the freehold to an apartment building in London, and you are approached by the developer with an interesting proposal. They want to buy the unused rooftop space on your building to develop and sell some new flats. Their pitch? We pay you 2 million pounds and we take on all the expense and risk of construction and the building. Sounds great, right? But, what’s that nagging voice in your head saying “this is too good to be true”.
Whilst the developer’s plan is part of a growing trend to build extra floor on top of existing buildings to create new homes (and lines up with the government’s goal to boost housing across the UK), there are a number of risks to consider and actions to implement before agreeing such a sale.
The process of buying a residential property in England can be more complicated than purchasing a property overseas. There are a number of key factors which differ from overseas systems and understanding these differences can help overseas buyers navigate the system and ensure they secure the property they choose. We have set out below the main complexities for buyers to consider:
Waqar Shah
James Ward
Jessica Rice
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