Yesterday's Budget Part 3 - there's more!

By: Gloria Murray. Published: 31 Oct, 18
Land Taxes

Stamp Duty Land Tax (SDLT) – England and Northern Ireland

It is common that the purchase of a new home may complete before the sale of the old home completes and if that happens a 3% surcharge is applied to the SDLT charged on the purchase of the new home. On the subsequent sale of the old home that 3% could only be reclaimed within a short timeframe, however from Budget 2018 that timeframe has been extended by 9 months.

Top Tip
The 3% SDLT, along with the Scottish Land and Buildings Transaction Tax (LBTT) and the Welsh Land Transaction Tax (LTT) are payable under different circumstances but apply in general to the purchase of second or subsequent residential properties. Don’t pay this tax unnecessarily, it is reported that there remains over £3 billion in overpaid land taxes. If you plan to purchase a second or subsequent property, ask us for confirmation the tax is payable or if you sell a property let us check if the additional tax paid can be claimed back.

Business Rates for Public Toilets

Budget 2018 announced that there will be 100% business rates relief for all public lavatories to help keep these important local amenities open.

If you would like to discuss any of the topics we’ve outlined then please get in touch with us – we’d be more than happy to answer any questions that you may have. Email info@murrayassoc.co.uk