Property Tax

Property Tax

Project description

Question

Please answer parts a), b) and c).

a) David is about to buy a new property, 12 Mudchute Court. The property will cost £505,000. David plans to move in to Mudchute Court for a few weeks, and then rent it

out. After two years, he intends to renovate the property and sell it for a substantial profit. He seeks your advice as to the taxes he may be liable to pay, and the

best ways to minimise his tax liability.

b) Betty is an elderly woman who owns a property, Crocus Cottage, worth £900,000. Betty lives with her 50 year old daughter Amanda. Betty wishes to leave the house to

her daughter Amanda in her will. Betty is worried that upon her death, Amanda may have to sell the house in order to meet the tax liability. Betty gets on very well

with Amanda, and would be happy to transfer ownership of the property to her now. However, Betty would still like to live in the house until she dies. She seeks your

advice as to the tax liabilities that may arise, and the potential issues of which she needs to be aware.

c) To what extent is it now possible for a property owner to legally minimise their exposure to Stamp Duty Land tax?

All parts carry equal marks.

a) Deep knowledge of the topic, explicitly related to comprehensive knowledge of the discipline(s). Evaluation of current knowledge

(b) Application of recent emerging thought or practices from the discipline

(c) A high level of ability to analyse critically using a range of perspectives. Excellent synthesis of elements of the argument including contrary views.

(d) Numeric analysis that is complete and mostly free from errors with fluent and appropriate application of methods.

(e) Extremely strong and consistent argument that convincingly addresses issues including uncertainties and conflicts. Excellent use of information gathered which to

support and further the argument

(f) Substantial research and evidence of an innovative use of a wide range of personal research with clear and consistent evaluation conceptual

STRUCTURE
you are asked to advise the client.

• Plan – set out the chronology of events and identify the various taxes which may arise.

• Introduction: keep it brief, don’t write out the facts of the question – identify the issues involved. You can deal with these one by one using IRAC

• Using IRAC – Follow the IRAC method in that you identify the issue, R- explain the law using appropriate sources, A – application, C – conclusion

—Identify the various issues which arise. Deal with each one by one.

—Rule: Explain the relevant taxes which may be incurred. Highlight the statutory sources or cases which are relevant.

—Apply these to the facts of the question.

—Conclusion – you may wish to bring in practical advice/academic debate/suggestions for reforms here.

SOURCES TO USE
—Case law
—Statute

—Textbooks
—Journals
—Articles

—Ensure you correctly cite all sources, and that you use a variety.

ESSAY QUESTION

— (a) Deep knowledge of the topic, explicitly related to comprehensive knowledge of the discipline(s). Evaluation of current knowledge
—(b) Application of recent emerging thought or practices from the discipline
—(c) A high level of ability to analyse critically using a range of perspectives. Excellent synthesis of elements of the argument including contrary views.
—(d) Numeric analysis that is complete and mostly free from errors with fluent and appropriate application of methods.
—(e) Extremely strong and consistent argument that convincingly addresses issues including uncertainties and conflicts. Excellent use of information gathered which to

support and further the argument
—(f) Substantial research and evidence of an innovative use of a wide range of personal research with clear and consistent evaluation conceptual

STRUCTURE
Define the slant of the argument in the introduction and outline the issues to be
examined.

Evaluate the extent to which is it now possible for a property owner to legally minimise their exposure to Stamp Duty Land tax, comparing past and present measures.

Refer to appropriate statutory and consultation materials as well as case law.

Look also at the measures taken to counter the above arguments

Examine the tax regime in alternative jurisdictions

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