The government’s proposed surcharge on non-resident property buyers offers real reasons for concern. John Goodchild takes out his stamp duty calculator to explain The government proposes to introduce a stamp duty (SDLT) surcharge on non-UK residents (both individuals and non-natural persons) purchasing residential property in England. The proposed level of… – Continue reading
A tax tribunal has ruled against a stamp duty land tax (SDLT) avoidance scheme used by Crest Nicholson, one of the UK’s largest house builders, meaning it will have to pay the £1.3m it owes. HM Revenue & Customs (HMRC) challenged the artificial and complex arrangements made by the FTSE… – Continue reading
In Depth There is mixed news for affected individuals, including far-reaching changes relating to offshore trusts and a further wait (possibly until March 2017) for the rest of the draft legislation. The following are highlights from the government’s response and the draft legislation. Deeming Provisions Deemed Domiciled: Non-doms will become… – Continue reading
Stamp duty will be doubled for foreign buyers of a median priced Sydney house under changes to be introduced in next week’s NSW budget. Based on the Sydney median house price of $995,804, the stamp duty bill for a foreign investor will increase by almost $40,000 – from $40,305 to… – Continue reading
The Association of Tax Technicians (ATT) has expressed its disappointment that the UK Government intends to press ahead with plans to introduce a stamp duty land tax (SDLT) surcharge on purchases of second homes from April 1. Higher rates of SDLT will apply to purchases in England, Wales, and Northern… – Continue reading
During last year’s Autumn Statement the Chancellor announced that SDLT rates would increase in relation to the purchase of additional residential properties. As with the 2014 Autumn Statement changes to SDLT rates for residential property, it was something of a surprise move. Transactions falling within the new ‘additional dwelling’ regime… – Continue reading
