Consultation on 3% SDLT Supplement on Second Homes from April 2016!
You should be knowing that you must pay Stamp Duty Land Tax (SDLT) if you buy a property or land over a certain price in England, Wales and Northern Ireland. The current SDLT threshold is £125,000 for residential properties and £150,000 for non-residential land and properties.
HMRC are consulting on the details of the higher rates of stamp duty land tax (SDLT) on purchases of additional residential properties announced in the 2015 Autumn Statement.
The Government will include detailed rules in the Budget on 16 March 2016.
The higher rates will not apply if at the end of the day of the transaction an individual owns only one residential property, irrespective of the intended use of the property.
In line with the CGT rules there will be an 18 month period between sale of a previous main residence and purchase of a new main residence for the purpose of determining whether the higher rates apply.
You should be knowing that you must pay Stamp Duty Land Tax (SDLT) if you buy a property or land over a certain price in England, Wales and Northern Ireland. The current SDLT threshold is £125,000 for residential properties and £150,000 for non-residential land and properties.
HMRC are consulting on the details of the higher rates of stamp duty land tax (SDLT) on purchases of additional residential properties announced in the 2015 Autumn Statement.
The Government will include detailed rules in the Budget on 16 March 2016.
The higher rates will not apply if at the end of the day of the transaction an individual owns only one residential property, irrespective of the intended use of the property.
In line with the CGT rules there will be an 18 month period between sale of a previous main residence and purchase of a new main residence for the purpose of determining whether the higher rates apply.
Contact us for all your Tax & Accounting needs!
☎ 020 89310165 | ☏ 07900537459
☎ 020 89310165 | ☏ 07900537459
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