All posts with the topic: Stamp Duty Land Tax

From and including 17 March 2016, the calculation of SDLT on freehold and leasehold transactions in non-residential properties is changing. Purchasers (above the value threshold below) will see increases. A new band system (mirroring the changes made in relation to residential property transactions) will apply. A different rate of charge will apply to the portion … Continue reading SDLT and commercial property – Still scope to exchange by midnight

For residential property only – a new calculation basis applies from 4 December 2014. The so-called “slab system” where SDLT was paid on the full amount of the purchase price, resulting in cliff edge pricing distortions where rates change, is abolished. Instead increasing rates of SDLT will be paid only on that portion of the … Continue reading Stamp Duty Land Tax: Major reform

The announcements today by the Chancellor included surprises, confirmed many predictions but some topics were notably absent. Income tax rates – no major review Recent debates on income tax rates have been highly political and will continue to be so as we approach the election. The Chancellor has increased the personal allowance by £500 for … Continue reading Wish you were here: what was missing from Budget 2014?

Extension of taxation on UK residential property held by non-natural persons As one of a number of measures aimed at tackling tax avoidance, the Government is extending the package of taxes on “enveloped dwellings”, lowering the threshold so that the relevant taxes apply to residential properties worth over £500,000 (rather than only to those worth … Continue reading More changes afoot for taxation of residential properties…

Positive growth forecasts and falling unemployment set a positive tone for this year’s Budget speech, although the Chancellor was frank in his admission that the deficit is still too large. He targeted measures to increase saving, investment, building and exports.  We are reviewing the Budget documents which have now been released and will be blogging … Continue reading Export more. Save more. Invest more. Build more.

Despite the gathering pace of the UK economic recovery, the Chancellor has warned that there is a “long way to go” and that 2014 will be “a year of hard truths”.  With the 2015 general election looming, the Budget is likely to be more political than normal.  The Chancellor has said that he will focus … Continue reading Getting ready for the Budget 2014

As part of its anti-avoidance strategy the Government has today announced the introduction of amendments to the SDLT legislation to counteract two SDLT avoidance schemes, mostly used in respect of residential property, which sought to take advantage of the SDLT subsale rules. The SDLT subsale rules address the situation where, broadly, a person enters into … Continue reading Retrospective changes to the SDLT subsale rules

Next week’s Finance Bill will include the new general anti-abuse rule (GAAR) which is expected to come into effect in June or July 2013.  It is perhaps a measure of the changing political climate over the past year that the GAAR, which was initially very controversial in some quarters, is now widely regarded as necessary … Continue reading The GAAR