The government is to table a Finance Bill amendment with retrospective effect from 1 April 2016 to ensure that the SDLT higher rate will not apply to financial institutions involved in alternative finance transactions used to fund property purchases by individuals, where the purchase would otherwise be exempt from the higher rate. HMRC advises affected purchasers to complete land transaction returns based on this guidance, pending Royal Assent.
The government is to table a Finance Bill amendment with retrospective effect from 1 April 2016 to ensure that the SDLT higher rate will not apply to financial institutions involved in alternative finance transactions used to fund property purchases by individuals, where the purchase would otherwise be exempt from the higher rate. HMRC advises affected purchasers to complete land transaction returns based on this guidance, pending Royal Assent.
