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by March 17, 2016Published on
Broadly the new rates stipulate that a further 3% of Stamp Duty Land Tax will apply to the acquisition of additional residential properties. The details announced yesterday confirmed that the acquisition of a residential property entered into by an individual will be considered to be a higher rate transaction if any of the following three conditions are satisfied:
The definition of “dwelling” is that of a building that is suitable for use as a single dwelling or is in the process of being constructed or adapted for such residential use. It does include the gardens or grounds and any such land that is for the benefit of the building that makes up the dwelling.
A dwelling will be the replacement of an individual’s only or main residence if the buyer intends that the dwelling is to be their only or main residence and the buyer has sold their previous or only main residence in a three-year period ending on the effective date of their purchase of the new dwelling.
The increased SDLT rates will not apply when an individual purchases a property and intends for that to be their only or main residence, and they sold their previous main residence within the previous three years prior to the date of completion of that transaction. In the circumstances where a dwelling may at a later date be a replacement of an individual’s only or main residence then they can seek to reclaim any overpaid SDLT once the existing only or main residence is sold.
For the purposes of this assessment spouses and civil partners are to be treated as ‘one unit’ so that they are entitled to one main residence between them, unless they are separated in circumstances that are likely to become permanent.
Single persons who are beneficially entitled to the property under a Trust and have a life interest or interest in possession in a residential property will be treated as buyers, holders and sellers of the dwelling for the purposes of this legislation.
Finally, the details in the legislation did not contain the anticipated exclusion from the increased rate for large scale investment by investment funds and corporates.
This legislation will be included in the Finance Bill 2016.
The HMRC website has updated its online calculator to the include amount of SDLT due on high rate transactions.
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In the midst of all the talk about the increase in Probate application fees, the Office of the Public Guardian (‘the OPG’) has decided to go against the grain with the welcome result of reducing fees. As of 1 April 2017, the OPG is reducing the registration fee for a Lasting Power of Attorney (‘LPA’) […]
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