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Where Taxpayers and Advisers Meet

Search found 199 matches

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by SDLT Geek
Mon Feb 17, 2020 9:15 pm
Forum: Property Taxation
Topic: Gifting BTL property into a Limited Company, Stamp duty & CGT implications.
Replies: 4
Views: 847

Re: Gifting BTL property into a Limited Company, Stamp duty & CGT implications.

A transfer to a limited company “connected” to the individual is subject to SDLT on the market value of the property. The higher rates of SDLT would apply (with the extra 3%).
by SDLT Geek
Thu Jan 30, 2020 9:02 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Divorce and first time buyer status
Replies: 8
Views: 1277

Re: Divorce and first time buyer status

If a person buys a property when they have a spouse, then whether or not the 3% surcharge applies can depend on whether the 3% surcharge would have applied had the spouse bought. But that rule only applies to spouses who are “living together”. Spouses are not “living together” if they are separated ...
by SDLT Geek
Tue Jan 07, 2020 10:19 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Stamp duty & mobile home
Replies: 5
Views: 1629

Re: Stamp duty & mobile home

Yes, it seems that as the extra 3% should never have been paid, the 12 month time limit following the sale of the mobile home is irrelevant. It is “overpayment relief” she needs to look into, there is a little guidance on it. As you say the time limit there is 4 years from the transaction which incu...
by SDLT Geek
Mon Jan 06, 2020 8:27 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Complication resulting from Single ownership of a Freehold property
Replies: 2
Views: 1011

Re: Complication resulting from Single ownership of a Freehold property

It is fairly common for lenders to want to take as security individual units of accommodation, not a building comprising several dwellings. So it might be that the way to structure your selling out your interest is by way of two long leases at low rents granted by you and your brother to your brothe...
by SDLT Geek
Thu Dec 26, 2019 9:25 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: First home - should I pay higher SDLT?
Replies: 2
Views: 1117

Re: First home - should I pay higher SDLT?

Yes, higher rates unless you first sell (or otherwise dispose of) the let property. You would not be able to reclaim the extra 3% if you sell / dispose of the let property after your purchase goes through.
by SDLT Geek
Mon Dec 02, 2019 11:54 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: SDLT on Shared Ownership
Replies: 1
Views: 912

Re: SDLT on Shared Ownership

The SDLT for staircasing out in one go would be £4,066 assuming: A payment of £62,500 in 2014 for a 25% share. A payment of £240,000 now (75% of the mid figure of £320,000). These total £302,500. SDLT at today’s rates on £302,500 would be £5,125. But you pay a fraction of that. The fraction is 240,0...
by SDLT Geek
Sun Dec 01, 2019 6:21 pm
Forum: Property Taxation
Topic: Second Property Stamp Duty - 40K Rule
Replies: 4
Views: 1222

Re: Second Property Stamp Duty - 40K Rule

If the property being bought is in Wales then Land Transaction Tax has a rule aggregating the interests of spouses in this scenario. There is no such rule for SDLT. See the Adam and Eve example here: https://www.blakemorgan.co.uk/sdlt-surcharge-on-additional-residential-properties-updated-guidance/
by SDLT Geek
Sat Nov 09, 2019 8:26 pm
Forum: Property Taxation
Topic: Buy next door house, change boundary and sell again
Replies: 6
Views: 1495

Re: Buy next door house, change boundary and sell again

Yes. There is a subsale relief, now called pre completion transaction relief, if you can line up the onwards sale of most of the property to complete at the same time as your purchase of the whole.
by SDLT Geek
Fri Aug 16, 2019 8:00 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: FTB But also BTL....help needed
Replies: 3
Views: 13870

Re: FTB But also BTL....help needed

You will not qualify for first time buyers’ relief on either property. You do not get it on the first as you do not intend to live in it. When you buy the second, well, it is your second!! The first property will be liable to SDLT at standard rates. On £120k that is zero as SDLT at standard rates st...
by SDLT Geek
Mon Aug 12, 2019 3:14 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Linked transactions & 3% additional rate
Replies: 2
Views: 12328

Re: Linked transactions & 3% additional rate

You are right to think that the transaction might be viewed as a single transaction for SDLT purposes, even with the “breaking down”. If it is a number of linked transactions then yes, one might be at higher rates, the others at standard. The maths is a little complicated. But is the big issue here ...

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