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MSE News: Autumn Statement 2015: Stamp duty hike on buy-to-let and second homes
Comments
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They do pay stamp duty, but if they only owned one property then they wouldn't be hit for the extra 3%, possibly.
So silvercar Ltd could own one and silvercar2 Ltd could be created to own property 2.
Ah, understood. A method of trying to avoid paying the intended money due.
Should be fairly simple to clamp down on - just make it so companies pay the new higher bands for all residential investment properties purchased.0 -
I know the details haven't been finalised yet.
But looking at this again the Chancellor refers to additional residential properties in his speech.
Surely if you are just moving your own residential property (even if you have separate by to let/s on the side) it will not apply as you are not buying an additional property. You are replacing your own residential property on a like for like basis. Assuming of course you exchange on your old and new home on the same day.
Perhaps this is just wishful thinking, or should I say interpretation. I'll certainly be keeping a close eye on the details of the policy when they are finalised though.0 -
Would this still apply if person a owns a place on their own and then buys a second place jointly with person b (who doesn't own anything)? Surely that's unfair on person b? Not that government give two hoots about fairness, of course.0
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Would this still apply if person a owns a place on their own and then buys a second place jointly with person b (who doesn't own anything)? Surely that's unfair on person b? Not that government give two hoots about fairness, of course.
WAIT for the details to be finalised rather than indulging in pointless speculation around your definition of "fair"0 -
Gosh there are a lot of different permutations to think through before April!
For me it might put paid to my on the side property developing :-( - If I buy a property to do up and sell on the side I will really only look for a 10-15k profit in houses in my area but if I have to pay say another 6k in SDLT then there is pretty much no point in doing it!0 -
so is your "side line" declared on your tax return after all it is subject to income tax since it appears to be a deliberate "side line" to make a profit rather than to buy a house to live in.Gosh there are a lot of different permutations to think through before April!
For me it might put paid to my on the side property developing :-( - If I buy a property to do up and sell on the side I will really only look for a 10-15k profit in houses in my area but if I have to pay say another 6k in SDLT then there is pretty much no point in doing it!0 -
so is your "side line" declared on your tax return after all it is subject to income tax since it appears to be a deliberate "side line" to make a profit rather than to buy a house to live in.
Yes any profit I make over the CGT threshold is indeed declared thank you for your concern :-)0 -
Gosh there are a lot of different permutations to think through before April!
For me it might put paid to my on the side property developing :-( - If I buy a property to do up and sell on the side I will really only look for a 10-15k profit in houses in my area but if I have to pay say another 6k in SDLT then there is pretty much no point in doing it!
so as I suspected you are guilty of tax evasionYes any profit I make over the CGT threshold is indeed declared thank you for your concern :-)
property developing is classed as a trading activity subject to income tax not CGT
best that your side line ceases or you start taking professional advice before HMRC catches you out0 -
There is a suggestion that you will have 18 months to reclaim the extra stamp duty paid if you sell your first home.
It will apply to all second homes purchased whatever the reason they are purchased for.0 -
and your source is? speculation or attribution?alchemist.1 wrote: »There is a suggestion that you will have 18 months to reclaim the extra stamp duty paid if you sell your first home.
It will apply to all second homes purchased whatever the reason they are purchased for.0
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