Autumn Statement - Analysis

Stamp duty land tax - additional
properties:
Higher rates of SDLT will be charged on
purchases of additional residential
properties (above £40,000), such as buy
to let properties and second homes,
from 1 April 2016. The higher rates will
be 3% above the current SDLT rates.
Alongside the restriction of tax relief for
landlords, as introduced in Finance Act
(No. 2) 2015, this represents yet another
move to try and discourage residential
property investment. The impact will
likely differ significantly from region to
region. In areas of high capital growth,
such as London, the additional stamp
duty could be mitigated in a matter of
months, whereas other areas where
second properties tend to be holiday
homes, like Cornwall for example, the
impact could be significant.
The Government has announced that it
will consult on the policy detail, including
on whether an exemption for corporates
and funds owning more than 15
residential properties is appropriate.
Stamp Duty Land Tax - changes
to the filing and payment
process:
The Government will consult in 2016 on
changes to the SDLT filing and payment
process, including a reduction in the
filing and payment window from 30 days
to 14 days. These changes will come
into effect in 2017-18.
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