Category: Stamp Duty

Grounds and gardens for SDLT

Stamp duty land tax (SDLT) on residential property also applies to land that form the garden or grounds of the property. To ensure that the right rate of SDLT is applied, it is therefore important to ascertain whether any land purchased with a property constitutes its garden or grounds. The rules here are not the…


Putting property in joint name – beware a potential SDLT charge

There are a number of scenarios in which a couple may decide to put a property which was previously in sole name into joint names. This may happen when the couple start to live together, get married or enter a civil partnership. Alternatively, it may occur if the couple take advantage of the capital gains…


Thinking of buying a doer upper as a buy-to-let? Get tax relief on the interest

Interest relief for renovation or development costs Often, when a property is purchased there is work to be done before it can be let out or sold. Where this work is financed by a mortgage or other loan, the way in which and the extent to which relief is available for the interest costs depends…


Letting a property as a furnished holiday let – is it worthwhile?

Where a property is located in a holiday region, a consideration will be whether to let it as a furnished holiday let or on a longer-term basis. As well as differing rental income, there are tax differences to consider too. Furnished holiday lets From a tax perspective, special rules apply to furnished holiday lets, which…


Thinking of selling a rental property? Get in quick before the rules change!

In his Budget on 29 October 2018, the Chancellor outlined a number of changes to main residence relief. The changes affect the final period exemption and the availability of lettings relief, which applies where a property which has at some time been an only or main residence, is let out. Main residence exemption No capital…


Expenses that Landlords can deduct

Landlords must pay tax on any profit from their property rental business (although income from property of less than £1,000 a year can be ignored). In working out the profits, expenses are deducted from rental income. To ensure that the landlord does not pay more tax than is necessary, it is important to deduct all…


Stamp Duty Land Tax and first-time buyers

If you are a first-time buyer you are able to benefit from Stamp Duty Land Tax (SDLT) relief when you buy your first home.But only if the property that you are buying does not cost more than £500,000. It was announced in the 2018 Budget that the relief would be extended retrospectively to first-time buyers buying their…