The CIOT has published the notes of a meeting it attended with HMRC and the Stamp Taxes Practitioners Group in June, summarising HMRC’s view on aspects of the definition of ‘residential property’ for SDLT under FA 2003 s 116.
Issues discussed included:
gardens and grounds;
when the construction/adaptation process starts;
meaning of ‘marketed for’;
relevance of legally enforceable restrictions;
relevance of non-domestic rates/council tax;
businesses/trades carried on at home;
holiday lettings and relevance of planning permissions/conditions;
derelict buildings;
the ‘six or more’ rule; and
the distinction between serviced apartments and hotels, and between assisted living units and care homes, and student accommodation.
HMRC said it would update its guidance to more fully reflect the position. See https://bit.ly/2KNJnYD.
The CIOT has published the notes of a meeting it attended with HMRC and the Stamp Taxes Practitioners Group in June, summarising HMRC’s view on aspects of the definition of ‘residential property’ for SDLT under FA 2003 s 116.
Issues discussed included:
gardens and grounds;
when the construction/adaptation process starts;
meaning of ‘marketed for’;
relevance of legally enforceable restrictions;
relevance of non-domestic rates/council tax;
businesses/trades carried on at home;
holiday lettings and relevance of planning permissions/conditions;
derelict buildings;
the ‘six or more’ rule; and
the distinction between serviced apartments and hotels, and between assisted living units and care homes, and student accommodation.
HMRC said it would update its guidance to more fully reflect the position. See https://bit.ly/2KNJnYD.
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