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UK Taxes. Income Tax, Corporation and Business Taxes, Capital Gains Tax, Stamp Duty, Land Tax, Inheritance Tax.

In today’s Budget, there were a number of UK tax changes and tax policy announcements aimed at supporting businesses and enhancing living standards under Income Tax, Capital Gains Tax, Inheritance Tax, Savings & Investments, National Insurance, Pensions, Trust Tax, Property Tax, Corporation and Business Tax.  However, this brief article will only focus on Stamp Duty and Land Tax.

The Chancellor announced today that the government will extend first-time buyers relief to all first-time buyers of shared ownership properties in England and Northern Ireland.

The relief will not apply to purchases of properties valued over £500,000.

This amendment will apply to relevant transactions with an effective date of on or after 29^th October 2018.  The measure will also apply retrospectively to transactions with effective dates on or after 22^nd November 2017, which was the date first-time buyer’s relief was originally introduced.

The relief must be claimed in an SDLT Return or by amending an SDLT return which has already been filed.

For those who completed their transaction before 29^th October 2018, the opportunity to amend their SDLT Return will be extended by a further 12 months until 28^th October 2019.

A technical correction was included to extend the time frame in which the 3% SDLT on additional dwellings can be reclaimed.  This applies to situations where an individual sells his or her home within three years of making a replacement purchase.  The amendment, which comes into effect from 29^th October 2018, extends the reclaim period from three to twelve months following the sale of the old home.

For further information, please click: https://www.gov.uk/government/publications/budget-2018-overview-of-tax-legislation-and-rates-ootlar/budget-2018-overview-of-tax-legislation-and-rates-ootlar

For a full and comprehensive UK tax advisory and filing service, please contact us today at queries@accountsadvicecentre.ie

Please be aware that the information contained in this article is of a general nature.  It is not intended to address specific circumstances in relation to any individual or entity. All reasonable efforts have been made by Accounts Advice Centre to provide accurate and up-to-date information, however, there can be no guarantee that such information is accurate on the date it is received or that it will continue to remain so. This information should not be acted upon without full and comprehensive, specialist professional tax advice.