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by March 17, 2016Published on
The higher rate will not apply to purchases of property under £40,000.00, nor to purchases of caravans, mobile homes and houseboats.
The reality is that most purchases of additional residential properties bought for investment purposes will be caught, so investors are likely to suffer. It goes without saying then, if you are purchasing an additional residential property, you should do everything possible to ensure completion prior to 1 April 2016!
It remains to be seen whether investors will, as seems likely, curtail their investments in additional residential properties as a result of the changes, but certainly where purchase prices are high, the changes will result in large additional cost considerations.
In practice, the rates of SDLT will apply based upon an apportionment of the purchase price between the relevant rate bands, so the SDLT will be calculated as follows:
Our Head of Residential Conveyancing, David Williams (Associate) will be issuing further guidance on the detailed application of the new higher SDLT rates during the course of the day. There will be some situations in which they do not apply.
Changes in Calculation of SDLT on Purchases of Mixed Use or Commercial Properties
As of 17 March 2016 the method for calculation of SDLT chargeable on an acquisition of a mixed use or commercial property has also been changed. The change brings this into line with the method already used to calculate SDLT on an acquisition of a residential property.
On an acquisition of a mixed use or commercial property it is now the case that each rate of tax will be payable on the proportion of the purchase price that falls within each rate band, with new rates and bands also having been introduced.
On the grant of any lease where a premium is paid, there will also now be an additional SDLT rate of 2% applied to the premium where the net present value of the rent is above £5m.
Samuel Phillips Law Firm
Tel: 0191 255 0222
Mob: 07720 742075
April 12, 2017
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’) […]
October 28, 2016
The recent ruling in favour of two taxi drivers could have far reaching consequences for the UK’s rapidly expanding “gig economy”. The Employment Tribunal delivered its decision Friday 28th October setting out that Uber, a business whose success is largely due to customers use of their smartphone app and engagement of self employed drivers; should […]