The Budget contained three main announcements on SDLT and these were as follows.
The proposed 5% rate
First there is the proposal to introduce a 5% rate from 6 April 2011 for acquisitions of residential property where the consideration exceeds £1m. This is apparently needed in order to fund the cost of the SDLT 'holiday' for first-time buyers (see below). Although the 'holiday' will come to an end in 2012 the 5% rate will remain and this suggests that the measure (which is in the Budget resolutions and is intended to be enacted in the Finance Bill which may even be a Finance Act by the time this article is published) is something of a poison pill for any incoming Government of a different political persuasion. Having said that in the economic climate likely to exist in 2011/12 it may...
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The Budget contained three main announcements on SDLT and these were as follows.
The proposed 5% rate
First there is the proposal to introduce a 5% rate from 6 April 2011 for acquisitions of residential property where the consideration exceeds £1m. This is apparently needed in order to fund the cost of the SDLT 'holiday' for first-time buyers (see below). Although the 'holiday' will come to an end in 2012 the 5% rate will remain and this suggests that the measure (which is in the Budget resolutions and is intended to be enacted in the Finance Bill which may even be a Finance Act by the time this article is published) is something of a poison pill for any incoming Government of a different political persuasion. Having said that in the economic climate likely to exist in 2011/12 it may...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
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