News
Find out more about what Bright Solicitors are up to and what's currently happening in the industry.

Principal Private Residence (PPR) Relief and Lettings Relief Changes

  • Posted: 24-06-2019
  • Residential

The Government announced in its 2018 budget proposed changes to the application of PPR and lettings relief. These changes are subject to a consultation process but, if implemented, will impact property sales taking place from 6 April 2020 in a retroactive manner.

PPR relief exempts all or part of the capital gain arising on the sale of a property which you have used as your only or main residence. A gain will only arise where you have been absent from the property at some point during your ownership.

Currently, the PPR rules treat the last 18 months of your ownership as a deemed period of occupation regardless of whether you actually resided at the property during this time. However, this deemed period will reduce to 9 months where your property is sold post 5 April 2020. This may act to increase the chargeable capital gain arising on the future sale of the property.

Also, if you have let a property which has at some point been your main residence, you will currently benefit from lettings relief. Lettings relief acts to reduce your chargeable capital gain on sale in relation to let periods. However, for sales taking place post 5 April 2020, it is proposed that lettings relief will only be given for periods where an owner is in shared occupancy with a tenant. This change could act to increase your Capital Gains Tax (CGT) bill by as much as £11,200 (or £22,400 as a couple).

Help to Buy

  • Posted: 03-06-2019
  • New Homes

Figures published last month reveal that over 52,000 new build homes were purchased last year using the Help to Buy Equity Loan Scheme – an average of around 1,000 per week.

With 81% of these homes being sold to first time buyers, and one in seven first time buyers using the scheme, more and more people are finding themselves using Help to Buy to take their first steps on the property ladder.

All the terminology can seem confusing so we’ve put together a list of the ten most frequently asked questions we’ve come across.

New Solicitor - 1st March 2019

  • Posted: 01-03-2019
  • Bright

Bright Solicitors is delighted to announce that Annabelle O’Higgins will be qualifying as a solicitor on 1 March 2019. Having undertaken training in investment property, residential property, disputes and litigation, wills and trusts, Annabelle found her greatest satisfaction and enjoyment came from working with clients buying and selling domestic properties, and so will become a member of Julie Milton’s residential conveyancing team.

Supply Chain Management & Brexit Challenges

  • Posted: 27-02-2019
  • Commercial/Business

The “No Deal” Scenario

In the current state of flux that surrounds the Brexit negotiations, there are many possible outcomes. For most businesses, planning for any – never mind all – of these scenarios is simply not practical. However, if no arrangements are concluded for the withdrawal agreement and there is no transition period or alternative arrangement, then our article 50 notice expires at 11pm (midnight in Europe) on 29 March 2019, at which point we leave the EU. The UK will no longer be part of either the single market or the customs union. The four freedoms (of movement of goods, services, capital and people) will no longer apply.

At that point the UK will be treated by the EU in the same way that it treats any other non EEA country. World Trade Organisation (WTO) rules and schedules will set the baseline for UK trade activities.

Supply Chain Risks

All supply chains present a risk to businesses as they sit outside the organisation and so are not within your control. In cases of a particularly complex supply chain, your suppliers may not even be visible to you.

Food chains are often “just in time” in nature, with links within the EU and globally. Stock may be held for only a few days before being sold or used. As such, disruption for as little as a week can have a major impact.