Archives for November 2017

Stamp Duty Land Tax Changes for First Time Buyers

As of 22nd November 2017, first time buyers purchasing for £300,000 or less on a property pay no Stamp Duty Land Tax (SDLT) and those purchasing between £300,000 and £500,000 will pay considerably less.  The change has come in with immediate effect, therefore even if you have exchanged contracts you may still benefit if you complete on or after 22nd November.

We act for numerous first time buyers and the recent changes have been welcomed by most to help them take their first step on to the property ladder.

The following conditions must apply in order to qualify for the relief:

  • You must be purchasing for £500,000 or less
  • You must be a first time buyer – This applies to every purchaser if you are purchasing jointly and you will not be classed as a first time buyer if you have received property by way of gift or inheritance or if you have ever owned residential property either here or anywhere else in the world
  • The property being purchased must be intended to be used as your main home

More information can be found on the following government websites:

https://www.gov.uk/government/publications/stamp-duty-land-tax-relief-for-first-time-buyers/stamp-duty-land-tax-relief-for-first-time-buyers

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/661728/8274_guidance_note_SDLT_relief_for_first_time_buyers.pdf

If you require assistance with your property matter, please contact one of our specialist lawyers:

Buying, Selling & Renting Homes

HMRC’s new “Trust Registration Service”

HM Revenue & Customs recently introduced a new online Trust Registration Service. New and existing trusts and also some ‘complex’ estates of deceased persons must register using the new service. There is an initial deadline for some trusts and estates of 5th January 2018 (which has been extended by HMRC from the original deadline of 5th October 2017). Trustees and Personal Representatives will need to ensure that they register by the relevant deadline or face penalties for non compliance (the level of which have yet to be confirmed by HMRC).

More information about the new service can be found on the government website via the following link:

https://www.gov.uk/trusts-taxes/trustees-tax-responsibilities

If you are a Trustee or Personal Representative and think you may need to take action, please contact one of our specialist lawyers who will be glad to help (click on the link below).

Wills, Probate, Trusts & LPAs