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The Chancellor of the Exchequer has announced that from 3 September a temporary exemption from Stamp Duty Land Tax (SDLT) will be introduced for acquisitions of residential property worth not more than £175,000. The exemption will be available where the effective date of the land transaction (normally the date of completion) is on or after 3 September 2008 and before 3 September 2009. There are no circumstances in which this exemption will be available for any land transactions either before 3 September 2008 or after 3 September 2009. Anyone can claim this exemption. It applies, not to people, but to property types. Basically this measure exempts anyone purchasing a property worth not more than £175,000 from paying SDLT. The exemption will be available for the acquisition of major interests in land (other than grants of leases for less than 21 years or the assignment of leases with less than 21 years to run). In order that for the exemption to apply the acquisition must:
The exemption must be claimed using a return form (SDLT1). Link |
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About The Author  Sarah Laing Sarah is a Chartered Tax Adviser. She has been writing professionally since joining CCH Editions in 1998 as a Senior Technical Editor, contributing to a range of highly regarded publications including the British Tax Reporter, Taxes - The Weekly Tax News, the Red & Green legislation volumes, Hardman's, International Tax Agreements and many others. She became Publishing Manager for the tax and accounting portfolio in 2001 and later went on to help run CCH Seminars (including ABG Courses and Conferences). Sarah originally worked for the Inland Revenue in Newbury and Swindon Tax Offices, before moving out into practice in 1991. She has worked for both small and Big 5 firms. She now works as a freelance author providing technical writing services for the tax and accountancy profession. |
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Article Added Tuesday, 02 September 2008 | 1540 Hits |
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