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Where Taxpayers and Advisers Meet

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by SDLT Geek
Tue Apr 09, 2019 9:16 pm
Forum: Property Taxation
Topic: second property SDLT - new PPR.
Replies: 1
Views: 620

Re: second property SDLT - new PPR.

The extra 3% SDLT would be due on the £200,000 purchase price of the new property.

Unless the £100,000 property is transferred to a limited company. Higher rates would then be due on the market value of that. Standard rates would then be due on the £200,000 purchase.
by SDLT Geek
Mon Apr 08, 2019 9:25 pm
Forum: Property Taxation
Topic: Tax Liability
Replies: 2
Views: 701

Re: Tax Liability

The property can only be registered in the name of adults, but that does not stop minors having a beneficial interest in a property. One shame with your plan is that it would stop all four grandchildren from being first time buyers for the purposes of the SDLT relief on a later purchase. Some of the...
by SDLT Geek
Sun Apr 07, 2019 8:03 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Additional SDLT moving from rented property whilst having investment properties
Replies: 2
Views: 942

Re: Additional SDLT moving from rented property whilst having investment properties

Yes, you are right that if you buy a property (even to live in) you will have to pay the extra 3%. As you identify, to get within the “replacement exception” you cannot use the property you live in which you rent. You would need a sale (or other full disposal) of a property you owned and lived in as...
by SDLT Geek
Sun Mar 17, 2019 7:39 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Too late for reclaim for additional dwelling?
Replies: 2
Views: 12991

Re: Too late for reclaim for additional dwelling?

This is a horrible trap you have fallen into. After some campaigning, the rules were changed to give more time to lodge a reclaim. That was done with effect from the 29 Oct 2018 Budget, but not with full retrospective effect. Your sale completed before the Budget, so the changes do not help you. The...
by SDLT Geek
Sat Feb 23, 2019 7:04 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Stamp Duty and Chargeable consideration
Replies: 7
Views: 15446

Re: Stamp Duty and Chargeable consideration

The share of the property being transferred in your case is 36%, so the proportion of the mortgage to be taken as chargeable consideration is 36%. "The share of the property" means what it is says! It is the share in the property which needs considering, even if the parties had agreed between themse...
by SDLT Geek
Sat Feb 16, 2019 4:04 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Keeping my old residence worth less than £40000
Replies: 2
Views: 902

Re: Keeping my old residence worth less than £40000

Yes. Condition C is not met if your existing property is worth under £40,000. So the extra 3% should not apply.
by SDLT Geek
Tue Feb 12, 2019 12:08 am
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Which property to sell to claim back additional SDLT?
Replies: 4
Views: 1135

Re: Which property to sell to claim back additional SDLT?

Selling both flats in Property A should work, but you should not sell on a leasehold basis and retain the freehold.

An outright gift of either property A or B (but not to a spouse) should work if you retain no interest at all in it.
by SDLT Geek
Mon Feb 11, 2019 5:13 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Which property to sell to claim back additional SDLT?
Replies: 4
Views: 1135

Re: Which property to sell to claim back additional SDLT?

Selling A or B entirely should entitle you to recover the extra 3% paid on C. You had both lived in each of A and B as your only or main residence at some point in the three years leading up to the purchase of C. It would not work to convert A into two flats and sell only one of them, it would not e...
by SDLT Geek
Mon Feb 11, 2019 1:58 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: An extra 1% SDLT surcharge for overseas buyers being proposed?
Replies: 13
Views: 3368

Consultation Paper is out An extra 1% SDLT surcharge for overseas buyers being proposed?

The Consultation Paper has been published, here is a link: https://www.gov.uk/government/consultations/stamp-duty-land-tax-non-uk-resident-surcharge-consultation
by SDLT Geek
Mon Feb 11, 2019 9:52 am
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: An extra 1% SDLT surcharge for overseas buyers being proposed?
Replies: 13
Views: 3368

Re: An extra 1% SDLT surcharge for overseas buyers being proposed?

Here is a link to a blog on some things to look out for when the Consultation Paper comes out, especially for returning expats. https://www.blakemorgan.co.uk/news-events/blog/non-resident-buyers-and-1-extra-sdlt/

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