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Greene & Greene is a long established firm of solicitors based in Bury St Edmunds, Suffolk. Our lawyers advise individuals and businesses based all over the UK.

We regularly attract new clients who have been using firms in London, but now receive a more cost efficient and more personal service from us here in Bury St Edmunds.

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Wednesday
Sep062017

Taxing times...

Anyone looking to invest in property as either a second home or a buy-to-let since 1 April 2016 will no doubt be aware of the additional 3% Stamp Duty Land Tax ("SDLT") rate on the purchase of an additional dwelling.  However, SDLT is not quite all doom and gloom, as there are situations when the additional rates will not apply, and reliefs are available in certain circumstances which can reduce your SDLT bill with HMRC.

For example, if a buyer is looking to acquire two or more dwellings in a single transaction, then “multiple dwellings relief” may be available to reduce the overall SDLT liability.

Rather than applying to all “properties”, the additional rate is levied on the purchase of a “dwelling”.  What the man on the Clapham Omnibus would regard as a “dwelling” is not the same as HMRC, and often an analysis needs to be carried out in order to make a determination.

Also, the additional rates are only applicable when a buyer is not replacing his or her main residence. HMRC takes "replacing" to mean that there has been a disposal and acquisition.  Therefore, where a buyer acquires a new main home, but has not disposed of their previous residence, he or she will be initially caught by the additional 3% rate.  However a refund for the additional tax paid can be claimed from HMRC if the previous main home is sold within a three year window. 

If you have any questions in relation to SDLT, please contact Natalie Stoter on nataliestoter@greene-greene.com or 01284 717462 (Direct). For more information on the services offered by Greene & Greene Solicitors please visit www.greene-greene.com and follow on Twitter @GreeneGreeneLaw

This article first appeared in Issue Five 2017 of Bedfords Review

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