Tag: SDLT

SDLT Linked Transactions
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SDLT Linked Transactions

Where transactions are linked, it is necessary to look at the whole picture – the buyer pays SDLT by reference to the total value of all the linked transactions rather than separately on the value of each individual transaction.

P45 Procedures
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P45 Procedures – What to do when an employee leaves

The P45 is an important document as it is the way in which pay and deduction details are transferred from one employer to the next. As PAYE is operated on a cumulative basis, this transfer of information is crucial, particularly where an employee changes jobs during the tax year.

Stamp Duty Land Tax Mixed Use Properties
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Stamp Duty Land Tax Mixed Use Properties

A residential property is one which is used as a dwelling or which is suitable for use as a dwelling. The test is applied at the effective date of the transaction. The physical attributes of the dwelling are important in determining whether it is ‘suitable’ for use of a dwelling, irrespective of whether it is being used as a dwelling.

Buying-Property-Through-Limited-Company
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Buying Property Through Limited Company

It is important that buyers and sellers understand the potential increase in the SDLT liability should they choose to begin work before a sale is made. The SDLT residential rates will also be applicable to the purchase of off-plan residential property.

Stamp Duty Land Tax
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Stamp Duty Land Tax

Land that constitutes the ‘garden or grounds’ of a building which counts as residential property for SDLT purposes will also be residential property, and therefore subject to SDLT residential property rates, even if it is sold separately from the building.

SDLT and First Time Buyers

Since 22 November 2017, first time buyers buying a residential property do not pay any SDLT if the purchase price is less than £300,000. Where the purchase price is between £300,000 and £500,000, first-time buyers pays SDLT at the rate of 5% on the excess over £300,000.