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STAMP TAXES |
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New top SDLT rate and 2-year increased exemption See TM ¶9376, ¶9992 The top rate of SDLT will be increased to 5% for residential transactions with a value in excess of £1 million. This will apply where the effective date (normally the completion date) is on or after 6 April 2011. From 25 March 2010, until 24 March 2012, first-time buyers who intend to live in the property as their only or main home will pay no SDLT on purchases with a value up to £250,000. SDLT, partnerships and anti-avoidance See TM ¶9380 Subject to transitional provisions, from 24 March 2010 where anti-avoidance rules charge SDLT on a ‘notional land transaction’ in the context of a series of transactions resulting in a reduced SDLT charge, the preferential rules enjoyed by partnerships will no longer apply. Overpayments of SDLT See TM ¶9463 Overpaid SDLT can currently be reclaimed where there has been an excessive assessment caused by a mistake in a land transaction return. Legislation effective from 1 April 2011 will remove the requirement that the overpayment was caused by a mistake in a return and that it must have been subject to an assessment. The new rules will also confirm that HMRC is not liable to repay any amount except as provided for in legislation. Current restrictions on rights of appeal are also to be removed. |
