The word ‘transaction’ in the SDLT legislation is often used as a shorthand for ‘land transaction’. Where there are a number of instruments at completion (for example several transfers), views can vary as to how many land transactions there are. With higher rates for additional dwellings and the non-resident surcharge, it is important to identify the land transactions. For example, this is particularly important where two properties are bought, only one of which would count as a replacement of the buyer’s main or only residence (where the other does not count as a subsidiary dwelling).
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The word ‘transaction’ in the SDLT legislation is often used as a shorthand for ‘land transaction’. Where there are a number of instruments at completion (for example several transfers), views can vary as to how many land transactions there are. With higher rates for additional dwellings and the non-resident surcharge, it is important to identify the land transactions. For example, this is particularly important where two properties are bought, only one of which would count as a replacement of the buyer’s main or only residence (where the other does not count as a subsidiary dwelling).
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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