The Scottish government has announced rates for the new land and buildings transaction tax (LBTT), which is to replace stamp duty land tax (SDLT), in its draft Scottish Budget for 2015/16. The nil rate applies up to £135,000, rising to 12% on transactions over £1,000,000.
Toby Price and Martin Walker (Deloitte) consider the potential stamp tax traps arising on IPOs, including pre-IPO reorganisations and overallotment (or greenshoe) options, as well as offering practical solutions
HMRC has issued guidance on late payment of stamp duty, and published details of the new stamp duty penalties that were introduced on 1 October 2014. These apply to all documents submitted for stamping after that date.
SDLT: time limit for amending a return
Simon Yeo and Billal Malik consider the judgment in St Matthews (West) Ltd and others v HMRC on the legality of retroactive legislation.
Retrospective legislation and ECHR
For private clients, this Budget was ‘one of the most disturbing of recent times’, writes Robert Field.
Nigel Popplewell reviews the Budget changes, including the reduced thresholds for the ATED and 15% SDLT rate.
High-end property sales are fuelling the government’s tax take, says the London-based chartered accountancy firm Blick Rothenberg LLP, after February’s tax statistics were released.