Patrick Cannon looks at announcements in the PBR 2007 relating to SDLT
The PBR contained four announcements relating to SDLT. The first announcement (in PBRN 21) was that legislation will be introduced in Finance Bill 2008 to alter the rules for individuals notifying HMRC about residential and non-residential property so that where the total consideration is below £40 000 it will no longer be necessary to file an SDLT1 in respect of the transaction. Leases will still have to be notified where the lease is for a term of seven years or more and the consideration is more than £40 000 and the annual rent is more than £1 000. It is not clear from the terms of the press release whether a lease for more than seven years for a premium of exactly £40 000...
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Patrick Cannon looks at announcements in the PBR 2007 relating to SDLT
The PBR contained four announcements relating to SDLT. The first announcement (in PBRN 21) was that legislation will be introduced in Finance Bill 2008 to alter the rules for individuals notifying HMRC about residential and non-residential property so that where the total consideration is below £40 000 it will no longer be necessary to file an SDLT1 in respect of the transaction. Leases will still have to be notified where the lease is for a term of seven years or more and the consideration is more than £40 000 and the annual rent is more than £1 000. It is not clear from the terms of the press release whether a lease for more than seven years for a premium of exactly £40 000...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
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