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    October 20, 2019
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PROMOTION Stamp Duty Land Tax are you paying the correct amount? As a taxpayer you have 12 months to amenda SDLT return from its submission is due on a transaction: tamp Duty Land Tax(SDLT) is payable when buying land or property and it has become ever more complexover the last number of years. With the introducticon of the higher 3% rate for the parchase of additional residential peoperties there are There could be scope to reclaim the additional 3% SDLT charge should you dispose of your previous residence within 3 years of the purchase of the new If you have previously sold your home date, thereafter any overpaid SDLT may not be recoverable. With the filing date now being only 14 days from the date of completion (in most circumstances) the deadline for review has reduced. now potentially three SDLT sets of rates that could apply when purchasing a property in your individual name Where someone is acquiring a but have taken some time to find a new Our recommendation is to review the one then the lower rates of residential transaction ahead of completion to ensure SDLT could be payable, even if you own a buy to let property If you are purchasing a residential property with a large plot of land or it is connected to a non-residential that the SDET returm is submitted on the correct basis initially. This will require some upfront work but will likely save you time and cost in the longer term. residential property then you need to understand whether they and any joint purchaser owns an interest in another property then it may be possible to residential property to seeif the sarcharge rates will apply. The other property could claim the lowest rates of SDLT on the be anywhere else in the world. If you, as the purchaser, are married or in a civil partnership then the properties owned by transaction, or at least on a proportion of the price paid. Ifthe land transaction includes more than one single dwelling then it may be possible to reduceyour SDIT exposure. This could be through looking at the reliefs for annexes in the context of the additional 3% SIM.Trates or through a claim for Mulkiple Dwellings Relief. the other party to your relationship will need to be considered also If you are purchasing a residential property with a large amount of land or another type of property in situ then it may be considered non-residential for the purposes of SDL.T. This is especially beneficial should you be subject to the higher 3% rates on initial review There are some planning opportunities that can be considered when assessing the amount of SDLT that The key to ensuring you are paying the correct SDLT liability is to properly review the transaction taking place and Jo White is a Tax Consultant Ejowhite@krestonreeves.com T: 0330 124 1399 krestonreeves.com the circumstances to which the property is being acquired. KRESTON REEVES Kreston Reeves has offices across Kent, London and Sussex PROMOTION Stamp Duty Land Tax are you paying the correct amount? As a taxpayer you have 12 months to amenda SDLT return from its submission is due on a transaction: tamp Duty Land Tax(SDLT) is payable when buying land or property and it has become ever more complexover the last number of years. With the introducticon of the higher 3% rate for the parchase of additional residential peoperties there are There could be scope to reclaim the additional 3% SDLT charge should you dispose of your previous residence within 3 years of the purchase of the new If you have previously sold your home date, thereafter any overpaid SDLT may not be recoverable. With the filing date now being only 14 days from the date of completion (in most circumstances) the deadline for review has reduced. now potentially three SDLT sets of rates that could apply when purchasing a property in your individual name Where someone is acquiring a but have taken some time to find a new Our recommendation is to review the one then the lower rates of residential transaction ahead of completion to ensure SDLT could be payable, even if you own a buy to let property If you are purchasing a residential property with a large plot of land or it is connected to a non-residential that the SDET returm is submitted on the correct basis initially. This will require some upfront work but will likely save you time and cost in the longer term. residential property then you need to understand whether they and any joint purchaser owns an interest in another property then it may be possible to residential property to seeif the sarcharge rates will apply. The other property could claim the lowest rates of SDLT on the be anywhere else in the world. If you, as the purchaser, are married or in a civil partnership then the properties owned by transaction, or at least on a proportion of the price paid. Ifthe land transaction includes more than one single dwelling then it may be possible to reduceyour SDIT exposure. This could be through looking at the reliefs for annexes in the context of the additional 3% SIM.Trates or through a claim for Mulkiple Dwellings Relief. the other party to your relationship will need to be considered also If you are purchasing a residential property with a large amount of land or another type of property in situ then it may be considered non-residential for the purposes of SDL.T. This is especially beneficial should you be subject to the higher 3% rates on initial review There are some planning opportunities that can be considered when assessing the amount of SDLT that The key to ensuring you are paying the correct SDLT liability is to properly review the transaction taking place and Jo White is a Tax Consultant Ejowhite@krestonreeves.com T: 0330 124 1399 krestonreeves.com the circumstances to which the property is being acquired. KRESTON REEVES Kreston Reeves has offices across Kent, London and Sussex