Andrew Constable (Kingston Smith) explains the rules which have applied to certain residential property purchases since 1 April 2016.
The government announced in the 2015 Autumn Statement a plan to increase the rate of SDLT for certain purchases of residential properties by 3%. After a brief consultation these higher rates were introduced with effect from 1 April 2016.
The measure was intended by the government to be a means of supporting home ownership (by deterring the purchase of residential property by those who already have a home). It stands alongside the restriction on interest deductions for landlords and non-tax measures such as the extension to the ‘right to buy’ scheme.
In outline the new rules apply to the purchase of ‘additional’ residential properties by individuals and to the purchase of any residential properties by...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
Andrew Constable (Kingston Smith) explains the rules which have applied to certain residential property purchases since 1 April 2016.
The government announced in the 2015 Autumn Statement a plan to increase the rate of SDLT for certain purchases of residential properties by 3%. After a brief consultation these higher rates were introduced with effect from 1 April 2016.
The measure was intended by the government to be a means of supporting home ownership (by deterring the purchase of residential property by those who already have a home). It stands alongside the restriction on interest deductions for landlords and non-tax measures such as the extension to the ‘right to buy’ scheme.
In outline the new rules apply to the purchase of ‘additional’ residential properties by individuals and to the purchase of any residential properties by...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
