Stamp Duty Land Tax Changes

The SDLT changes are due to take affect on 1st April 2016 and people are often asking me to comment. I do not give advice on tax, so please make sure you get advice from your accountant or other tax professional if you are concerned or feel the changes may be relevant to you. The Government are yet to announce their final verdict on the various tax changes that are afoot, but the initial content is concerning to say the least. There are many scenarios that could catch people out and so it's important to check with your solicitor where you stand before proceeding. You can visit the Government website for up to date information by using this link. link https://www.gov.uk/stamp-duty-land-tax/overview

If you just have one property when the purchase transaction is complete (simultaneous sale), then it's unlikely you will be subject to the extra 3% SDLT. If, however, you have an existing property which is not being sold and you're buying another, it's very likely that you will be charged. Even if you currently live at home with your parents, own a BTL and are now buying a residential home! If you would like some help and need to discuss your own situation, please get in touch.