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.
The Scottish government has released a consultation to amend the conditions for LBTT group relief.
HMRC has confirmed that the current ATED online return forms will be withdrawn on 31 March 2018.
HM Treasury has laid orders to disapply SDLT and landfill tax in Wales and make transitional provision for residual expenditure through the landfill communities fund. The Welsh government has laid an order extending certain powers to Welsh Revenue Authority staff.
The Welsh government has published the land transaction tax (LTT) rates and bands on its website.