Annie Bouch and Andrew Goldstone (Mishcon de Reya) review recent tax developments affecting private clients.
Covid-19: extension of SDLT 3% surcharge reclaim period
Homeowners are subject to a 3% SDLT surcharge in addition to normal SDLT rates when they acquire an additional property even if it will be their replacement main home. However they are entitled to apply for a refund of the extra 3% paid provided they sell their old property within three years of acquiring their new home.
On 3 June 2020 the government announced it would extend the three-year grace period for homeowners who have been unable to sell their original home for reasons beyond their control (in exceptional circumstances) provided they sell it as soon as is feasible.
HMRC’s SDLT Manual (at SDLTM09807) lists the following non-exhaustive reasons as exceptional circumstances:
being prevented from selling the property...
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Annie Bouch and Andrew Goldstone (Mishcon de Reya) review recent tax developments affecting private clients.
Covid-19: extension of SDLT 3% surcharge reclaim period
Homeowners are subject to a 3% SDLT surcharge in addition to normal SDLT rates when they acquire an additional property even if it will be their replacement main home. However they are entitled to apply for a refund of the extra 3% paid provided they sell their old property within three years of acquiring their new home.
On 3 June 2020 the government announced it would extend the three-year grace period for homeowners who have been unable to sell their original home for reasons beyond their control (in exceptional circumstances) provided they sell it as soon as is feasible.
HMRC’s SDLT Manual (at SDLTM09807) lists the following non-exhaustive reasons as exceptional circumstances:
being prevented from selling the property...
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:
