Andrew Goldstone and Ruth Moore (Mishcon de Reya) review the latest developments in the private client arena, including: the proposed new SDLT rate; the downsizing inheritance tax residential nil rate band proposals; the common reporting standard; and reform of the wear and tear allowance.
SDLT additional rate
Additional SDLT of 3% is to be charged where a person purchases an additional property or a second home. The government has now published its consultation paper (see www.bit.ly/1ZwQH8v) and the consultation will close on 1 February 2016. The changes are to be incorporated in the Finance Act 2016. The changes will apply to residential properties where contracts are exchanged on or after 26 November 2015 with completion after 1 April 2016. The 3% additional charge is not intended to catch first time buyers or people replacing their main home but only those purchasing...
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Andrew Goldstone and Ruth Moore (Mishcon de Reya) review the latest developments in the private client arena, including: the proposed new SDLT rate; the downsizing inheritance tax residential nil rate band proposals; the common reporting standard; and reform of the wear and tear allowance.
SDLT additional rate
Additional SDLT of 3% is to be charged where a person purchases an additional property or a second home. The government has now published its consultation paper (see www.bit.ly/1ZwQH8v) and the consultation will close on 1 February 2016. The changes are to be incorporated in the Finance Act 2016. The changes will apply to residential properties where contracts are exchanged on or after 26 November 2015 with completion after 1 April 2016. The 3% additional charge is not intended to catch first time buyers or people replacing their main home but only those purchasing...
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:
