1. Coodes Solicitors Jo Morgan - Partner Stamp Duty Update June 2016

2. Coodes Property Team 22 Conveyancers
Specialist sectors for Buy to Let, Affordables, Equity Release, New Build
Property Conveyancer in each of 9 branches – Truro, St Austell, Penzance, Falmouth, St Ives, Newquay, Liskeard, Launceston, Holsworthy
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3. SDLT – 3% levy

4. SDLT – 3% - Basics Prior to 1 April stamp duty paid from £125K upwards
New 3% levy additional to this for second homes completing from 1 April 2016
If replacing a main residence then exempt or sale of main res within 36 months then refundable

5. Who is affected?
Purchase of second properties even if new main residence
Transfers of Equity – rules apply on consideration
Buyers of first property where their spouse already owns a property (treated as one unit)
Let to Buys

6. SDLT – 3% - technicals
Levy affects FTB buying with another who already owns home
A client with a property anywhere in world triggers levy
Holiday lets, renovations hit
No exemption for 15 properties
Linked transactions
MDR – Multiple dwellings relief
Properties owned by spouse/partner counts even if said partner not purchasing

7. Are there exclusions/exemptions?
50% inherited share of property received within 36 mths not counted
Exchanges before Autumn s/ment
Bare land (even if subsequently used for resi)
Mixed use property or Commercial

8. Further Changes - Annexes
At present more than 1 unit triggers 3% levy on whole
Changes coming in end June 2016
New rules mean 3% applies only if:
Annexe/unit value over 1/3 total
Could be sold separately
Value over £40K
Refunds backdated to 1 April for overpayments

9. Refunds Form online Refunds for annexe overpayment
Sale following a purchase
Rebate paid in 14 days?
Refund request within 3 mths of selling prev main res or within 12 mths filing return

10. Ongoing ‘woolly areas’
Couples not treated as one unit if separated in ‘circumstances likely to be permanent’
Await Govt.
interpretation

11. What can we all do? Ensure keep up-to-date new legislation
Talk and inform our clients
Clients to be advised in advance at quotation/instruction stage of levy
Ensure specialist tax advice sought early where needed

12. And finally!
Thankyou!