Thursday, 10 February 2011

SDLT Update: Avoidance Schemes And New Rate

Apologies for the delay since my last post, but things have been pretty hectic to say the least.

Following on from one of my previous posts, Her Majesty's Revenue & Customs (HMRC) are to challenge Stamp Duty Land Tax (SDLT) avoidance schemes.

HMRC are comparing transactions reported to the Land Registry with Land Transaction Returns made to HMRC and following up any discrepancies.

Read HMRC's Statement

Do you have any experience of such schemes?

Whilst on the subject of SDLT, there is a new rate for expensive properties. From 6 April 2011, a new higher rate of 5% will apply to residential purchases for more than £1 million.