Stamp Duty Land Tax

Stamp Duty Land Tax

Stamp Duty increase penalises home buyers

June 7th 2016

There has been much press commentary regarding the extra 3% Stamp Duty Land Tax (SDLT) and the 3% Additional Dwelling Supplement (ADS) - part of the Land and Building Transaction Tax in Scotland - that applies to the purchase of a second residential property by individuals in the UK from 1 April 2016.

Incorporating a property business

March 3rd 2016

Since the recent announcement of various changes to the taxation of unincorporated property businesses, there has been renewed interest in incorporation: would it be possible to shelter property income and capital gains inside the lower Corporation Tax regime?

Stamp Duty increase for second home buyers

January 8th 2016

George Osborne and his team seem to have a grudge against landlords and second home owners. From 1 April 2016, Stamp Duty Land Tax (SDLT) payable on the acquisition of residential property - where the property is a second home or a buy-to-let investment - will see a significant increase in the amount of SDLT payable.

HMRC penalty for just one day

July 25th 2014

Consider the following facts:

• The filing deadline for a Stamp Duty Land Tax return was a Sunday.
• A member of the advisor’s staff forgot to file the return by the end of the Friday – two days before the deadline.
• Realising their mistake, the staff member took the file home with the intention of filing over the weekend.
• Due to problems with internet access it was impossible to file the return before the deadline expired.

The return was subsequently filed the next working day, a Monday – one day late. HMRC charged a late filing penalty and the tax payer appealed.