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One year left…

Buying a house or a flat when you already own one became a lot more expensive on April Fool’s Day 2016; when SDLT surcharge rates were introduced. For example, Alex buys a flat for £500,000 in December 2017; but he already owns a half share in his late grandmother’s flat,...

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First rate(s) Welsh tax?

The Welsh Government has announced the initial rates of Land Transaction Tax (“LTT”), the Welsh version of Stamp Duty Land Tax which will replace SDLT for land transactions in Wales from and including 1st April 2018. The Welsh LTT bands as well as the LTT rates differ from those currently...

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Nothing lasts for ever… including deferment

Sometimes it’s possible to apply to HMRC to defer paying all or part of one’s SDLT liability. FA2003 limits such applications to circumstances where it’s impossible to know for sure what the SDLT liability will be at legal completion. Overage is probably the most common example. Let’s imagine a developer...

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“The Deal That Never Was” – updated

During WWII, MI5 used fake plans attached to a dead body dumped in the sea off Spain to trick the enemy into thinking that the Allies would invade Greece, rather than Sicily. The ploy was turned into a film called “The Man Who Never Was”. The latest Stamp Duty Land...

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Name, rank and serial number…

On 5th April 2017, the Government published a call for evidence on the latest proposal in its on-going project to make the UK “the world leader in corporate transparency”. Snappily titled “A register of beneficial owners of overseas companies and other legal entities”, the paper outlines a proposal to require...

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Getting married? Flowers, photographer… SDLT?

There are just so many things to deal with in the run up to the Happy Day. The Finance Bill 2016 has added another item to that already long list, which is none the less important for being prosaic – Stamp Duty Land Tax. Of course, couples where neither already...

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At last, Granny gets a reprieve!

Last night Hansard published the long-promised (since April 11) amendments to the Finance Bill indicating the hoops through which purchasers of dwellings that include “granny annexes” must jump to avoid paying SDLT at the new surcharge SDLT rates because they are buying two dwellings Annexes that are not separate dwellings...

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First it was Granny, now it’s your spouse or civil partner…

The Treasury has still made no announcement whatever, beyond privately briefing favoured media outlets, on which granny flats will be reprieved and which will suffer the SDLT surcharge rates. But, while we wait, more and more nasties are emerging about the new SDLT surcharge legislation, as it becomes clearer just...

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Government says “annexe”, the Beeb says “annex” and solicitors say nothing at all

My blog of 22nd March (“Osborne surcharges Granny”) made the point that this year’s Budget was bad news for those wanting to live in close proximity to relatives who want a measure of independence. The Daily Telegraph took up the story on All Fool’s Day and the Treasury Secretary carried...

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SDLT – Summary of 2016 Budget changes for corporate and commercial purchasers

New non-residential SDLT rates The old “slab” system was abolished for non-residential properties, as it was for residential properties in late 2014.  The new rates, which took effect on 17 March, are: 0% up to £150k 2% for £150k to 250K 5% on the balance. This means transactions below (approximately)...

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