HMRC has issued Revenue & Customs Brief 11/2020 on the VAT and SDLT implications of lease variations. This is timely in view of the renegotiations on lease terms between landlord and tenant that may be going on as a result...
There were a range of measures affecting property announced in the Chancellor’s Summer Statement. We will need to see the documents setting out precisely how these measures will work, but the most eye catching is the temporary increase to the...
In line with their manifesto commitment, the government will introduce a stamp duty land tax (“SDLT”) surcharge, at 2%, on non-UK residents purchasing residential property in England and Northern Ireland from 1st April 2021. Where contracts were exchanged before Budget...
Following the Supreme Court decision in Project Blue and Hannover Leasing, HMRC has updated its SDLT manual guidance on how it will apply FA 2003 s75A (see SDLTM0950). The 15 January 2020 update to the manual can be found here....
This article summarises a number of recent private client and entrepreneurial business tax cases. For a further discussion of the implications of these cases for your circumstances, please get in touch with a member of the Mazars personal tax or...
HMRC has issued new guidance on what it views as acceptable for garden and grounds accompanying a residential property and what is other land with a non-residential purpose. The new guidance is set out on HMRC manual pages SDLTM00440 to...
First-time buyers who acquired shared-equity dwellings worth up to £500,000 on or after 22 November 2017 now have no SDLT to pay and may claim back any SDLT they may have already paid. This builds a substantial extension onto the...
In its pursuit of stamping out tax avoidance HMRC complained to the Advertising Standards Authority (ASA) about misleading tax claims by the promoter, CDP Tax & Wealth Limited, which trades under the name Fiducia Wealth and Tax (FWT). FWT’s website...
LBTT replaced stamp duty land tax (SDLT) in Scotland with effect from 1 April 2015. Whereas for SDLT, a return in respect of rent for a notifiable lease transaction is generally only required when a lease is granted or when...
Although not explicitly referred to by the Chancellor in his speech the government has announced that a number of changes will be made with immediate effect to improve the operation of the higher rates of Stamp Duty Land Tax (SDLT)...
The Chancellor announced that Stamp duty land tax (SDLT) will be abolished with immediate effect for first time buyers purchasing a home for £300,000 or less. For homes costing up to £500,000, no SDLT will be paid on the first...
It was a quiet Budget on the Stamp Duty Land Tax (‘SDLT’) front with the only announcement being the welcome delay for a year of the reduction in the filing and payment window until 2018/19. The proposal to reduce the...
From April 2018, Land Transaction Tax (LTT) will replace UK Stamp Duty Land Tax (SDLT) in Wales. A draft copy of the legislation (Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Bill) has now been published. It is intended...
In a logical move the charging structure for non-residential property has now been brought into line with that for residential property by abolishing the slab system which applied a single rate to the entire transaction value. This brings the method...
The government has now finalised its proposals for the introduction of a 3% surcharge for purchases of additional homes and buy-to-let properties by individuals and for any purchase of a dwelling by a company or other non-natural person. However, there...
The additional 3% that will be charged on second homes and residential property investments valued at £40,000 or more from 1 April 2016 (previous blog) has, as expected, been adopted by the Scottish Government. The Bill and accompanying documents can be...
The way the new higher rate of SDLT on “additional residential properties” will operate has been outlined in a Consultation Document which details the Government’s proposals. The consultation runs until 1 February 2016 and is intended to lead to the...
The Government has confirmed the introduction next year of relief from stamp duty land tax (SDLT) for seeding Property Authorised Investment Funds (PAIFs) and changes to the SDLT treatment of Co-ownership Authorised Contractual Schemes (CoACSs) designed to remove barriers to...
The Government has announced proposals to halve the time allowed for filing and paying stamp duty land tax on property transactions. Currently, where a land transaction return is required to be submitted on the acquisition of a property or the...
The Government has announced proposals to extend the scope of reliefs from the higher 15% of stamp duty land tax (SDLT) and the annual tax on enveloped dwellings (ATED) to cover residential property held for the purposes of an Equity...
A major change announced at today’s Autumn statement is an overhaul of the stamp duty land tax rates that apply to residential purchases. This introduces a marginal system with each SDLT rate payable only the portion of purchase price falling...
Following the 2014 Budget the ATED threshold is to be reduced to: £1m (£7k charge on properties £1m to £2m) from 1 April 2015; and £500k (£3.5k charge on properties £500k to £1m) from 1 April 2016. These changes increase...
The 15% SDLT rate was extended to acquisitions of residential property worth over £500k completed on or after 20 March 2014 by non-natural persons, i.e. companies, partnerships including companies and collective investment schemes that are subject to ATED. This surprise...
As promised in the Autumn Statement, the Finance Bill will confirm that relief from stamp duty land tax (SDLT) is available to charities on their share of joint property purchased with non-charities, in line with last year’s Court of Appeal...
Until the introduction of the annual tax on enveloped dwellings (ATED) there were tax advantages in having high value residential properties owned by a company rather than personally. Since 6 April 2013 ATED imposes an annual “charge” of between £15,000...
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