In the first weeks of July, the ICO has announced its intention to impose two major fines relating to breaches of the General Data Protection Regulation (GDPR). When the GDPR came into force on 25 May last year, some of the most eye-catching coverage was the ability of national enforcement agencies – in the case of the UK, the Information Commissioner’s Office, or ICO – to raise substantially higher fines than under the old data protection regime.
The new fine limit is either 4% of worldwide turnover or 20 million euros, whichever is the higher.
Bright Solicitors are delighted to have helped the owners of the Duke of Cornwall Hotel in the sale of their business to its new owners, Fragrance Group, being operated by Bespoke Hotels.
The sale of a business is always about more than the mere disposal of assets and, in this case, owners Jon Morcom and Walter Combstock both felt a particular responsibility to their staff, customers and suppliers, as well as to the hotel’s long and interesting heritage as a landmark site in Plymouth.
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).
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.