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TODAY'S OTHER NEWS

New Q&A aims to make SDLT less complicated

A new ‘questions and answers’ resource designed to make it easier for those investing in property to understand their Stamp Duty Land Tax (SDLT) obligations has been launched by Ann Humphrey, a solicitor and tax specialist.

Since its introduction 14 years ago, SDLT has become increasingly complex, and so Humphrey has set out to make it easier for people to understand the levy by launching a new questions and answers, a free source designed to provide guidance on the SDLT outcomes that apply in different scenarios.

It will enable both professionals and homebuyers to improve their understanding of SDLT and can help to reduce costly errors. The resource is based on real queries and sets out both the query and Humphrey’s analysis leading to the answer.

The introduction in April last year of the 3% surcharge on the purchase of additional homes, including buy-to-let properties, added yet further complexity. As a result the 3% surcharge features prominently but this resource also covers other SDLT topics.

Currently topics covered in addition to the 3% surcharge include ‘multiple dwellings’ relief’, ‘release or assumption of debt’, ‘chargeable consideration’, and ‘mixed use’.

The SDLT questions have been gathered over the last nine months and so far 35 have been published, together with Humphrey’s answer.

A new Q&A will be published each week thus creating a growing resource that can be referred to for guidance on a range of queries. SDLT Q&A is currently free and available online, which you can see by clicking here.

When using the resource it should be borne in mind that the Q&A’s are intended for guidance purposes only and do not constitute legal advice. Users should take specific advice from a specialist before taking any action.

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