Floods and Taxes

William Boss, joint head of UK real estate at King & Wood Mallesons SJ Berwin, examines how to assess flood risks to property and looks at revised tax rules on residential property. Mr Boss suggests using the Environment Agency’s flood maps to help assess flood risk, which now include the risk of surface water flooding, but warns that underlying data won’t take into account any specific features of a particular property. Mr Boss goes on to explain issues surrounding CGT on residential property for UK residents, non-UK residents and when owned through a corporate vehicle. Separately, the Times reports that the Halifax received a 300% increase in flood-related calls last month, with the average flood claim totalling £13,855. The article goes on to offer tips on how people can protect their home, car and finances.