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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
December 1, 2017
In the words of the Brummie genius that is Noddy Holder; “So here it is merry Christmas, everybody’s having fun….” Well of course they are, as the business owner you’re laying on the annual festive lunch or dinner for your staff. Plenty of merriment being poured and sausage rolls scoffed. For many of us though […]
November 9, 2017
The recent New York Times expose featuring a Hollywood movie mogul has led to a global conversation on the topic of sexual harassment, specifically experiences encountered in the place of work. The spark igniting this discussion happened on October 5th when the New York Times journalist Jodi Kantor and investigative reporter Megan Twohey revealed sexual harassment […]