HMRC is consulting until 23 November 2018 on draft amending regulations which reduce the time limit for filing an SDLT return and paying the tax due from 30 days to 14 days, in circumstances where an application has been made to defer the payment of tax.
In a speech to the Conservative Party conference, the prime minister, Theresa May, has floated proposals for an SDLT surcharge of 1% or 3% for foreign buyers of UK property. Precise details are to be set out later in a consultation.
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:
Two orders are now in force, increasing the land and buildings transaction tax (LBTT) threshold for first-time buyers in Scotland and allowing group relief where companies transfer ownership of property within a group using shares as financial security.
The Land and Buildings Transaction Tax (Relief from Additional Amount) (Scotland) Act 2018 gives relief from the land and buildings transaction tax (LBTT) additional dwelling supplement with retrospective effect from 1 April 2016 for certain family units purchasing a main residence to replace a f
Following recent consultations, the Scottish government has published two draft orders, which will introduce the increased land and buildings transaction tax (LBTT) threshold for first-time buyers in Scotland, and extend the availability of LBTT group relief.
The Welsh Revenue Authority (WRA) has released further additions to its technical guidance on land transaction tax (LTT). The chapters now available are:
The Scottish government is consulting until 2 August 2018 on introducing reliefs from land and buildings transaction tax (LBTT) for property authorised investment funds (PAIFs), similar to those introduced for SDLT in Finance Act 2016.