Posted by admin - March 21, 2016 8:43 am
Stamp Duty Land Tax changes
Residential
A 3% addition to the existing rates will be applied when a second residential property is purchased. This will apply from 1 April 2016 and will affect people buying holiday homes or buy to let properties if they already own a residential property. If you are moving residence, purchasers will have 36 months between purchasing their new property and selling the old one in which to claim a refund of the additional 3%.
Commercial
From 17 March 2016, the rates will now apply to the portion of the purchase price within each band:
- 0% on first £150,000
- 2% on next £100,000
- 5% above £250,000
Further update: Changes to the Finance Bill updated in a Consultation dated 18 April have declared that the 3% surcharge will not, however, be added to any properties being used as Granny flats.
**For further tax assistance and planning for Landlords and for individuals owning more than one property contact your local MFW office.
Phillip Kearsey
Tax Manager
Phillip is a Fellow of the Tax Faculty of Independent Financial Accountants (IFA) and initially trained with the Inland Revenue, now HM Customs & Revenue before working for a number of top 20 Accountancy Firms. Phil joined McCabe Ford Williams in 2007 and is the Tax Manager of our Herne Bay office.
He has also had experience advising on Expat tax for individuals based in foreign countries including the United States of America, Canada, Germany and Japan. In his career, Phillip has also written numerous articles for US newspapers and in addition given lectures on the subject of UK tax.
He is currently a committee member of Kent Chartered Institute of Tax (CIOT) and also a member of HMRC’s Working Together Group and McCabe Ford Williams’ own Tax Committee.
