Stamp Duty Land Tax
Stamp duty tax relief: 180,500 new homeowners benefit
180,500 new homeowners benefit from stamp duty tax relief According to statistics published by HMRC more than 180,500 first-time buyers have benefitted from First Time Buyers Relief (FTBR). The relief introduced in November 2017 has saved eligible first-time buyers an estimated total amount of more than £426 million. Mel Stride MP, Financial Secretary to the Treasury, said: ‘These statistics
Stamp duty cut: 121,500 households save £284 million
Stamp duty cut: 121,500 households save £284 million According to the latest statistics 121,500 first-time buyers have saved a total of £284,000,000 following the introduction of a relief for first-time buyers under the Stamp Duty Land Tax rules which apply in England and Northern Ireland. Over the next five years, it is estimated that this relief, part of the
Relief from additional 3% SDLT charge
Much of the focus in the Autumn Budget on Stamp Duty Land Tax (SDLT) concerned the abolition of the duty for first time buyers of property up to £300,000. There was also welcome news for those involved in other property transfers where the 3% supplementary SDLT charge potentially applies when an interest in a second property is acquired. The
SDLT relief for first-time buyers
In an attempt to help first-time buyers get on the property ladder and stimulate the housing market the chancellor announced that for property purchases completed on or after 22 November 2017 there would be no SDLT payable if the purchase price is below £300,000. This will be a permanent measure rather than a temporary holiday. Those claiming the relief
Stamp duty on second homes
Since 1 April 2016 there has been a 3% supplementary Stamp Duty Land Tax (SDLT) charge payable on the purchase of second and subsequent residential properties costing more than £40,000. This was clearly aimed at buy-to-let investors as well as those buying second homes. Note that this additional 3% charge does not apply where the main residence is replaced.
Thinking of building your own house? You can reclaim the vat
You can apply to HMRC for a VAT refund on building materials and services if you are building a new home, or converting a property into a home. In order to qualify the home must be separate and self-contained, be for you or your family to live or holiday in, and not be for business purposes (although you can
Consultation on 3% SDLT supplement on second homes from April 2016
Consultation on 3% SDLT supplement on second homes from April 2016 HMRC are consulting on the details of the higher rates of stamp duty land tax (SDLT) on purchases of additional residential properties announced in the 2015 Autumn Statement. The Government will include detailed rules in the Budget on 16 March 2016. The higher rates will not apply if
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