Selling a property with a dedicated home office? Check the capital gains tax implications Individuals planning to sell their main home should be aware of the potential capital gains tax implications, when selling their property with reference to a dedicated home office. The potential risk to sellers surrounds Principal Private Residence Relief (PPR) and the
A 2% stamp duty land tax (SDLT) surcharge now applies to transactions of residential property in England and Northern Ireland, for non- UK residents. The new surcharge came into effect on 1st April 2021. The surcharge applies to purchases of freehold and leasehold property, as well as increasing the SDLT on rents on the grant
Ahead of the Budget announcement next week, there has been a lot of speculation surrounding what the Chancellor is set to announce. According to media sources, Rishi Sunak is planning to extend the Stamp Duty holiday until the end of June. The current deadline for the holiday extension is 31st March. The Chancellor has been
Following the result of over 100,000 signatures on an online petition to extend the stamp duty land tax holiday, parliament announced that MP’s will debate extending the holiday on 1st February 2021. The stamp duty land tax holiday was introduced last year to try and keep the housing market stable during the coronavirus pandemic. The
The housing market slumped last year when the UK went into its first lockdown, as a result of the coronavirus. When the market reopened, Chancellor Rishi Sunak announced a Stamp Duty Land Tax holiday, which saw the threshold for paying stamp duty raised from £125,000 to £500,000 until 31st March 2021. According to Rightmove, house
An extension of the Stamp Duty Land Tax (SDLT) threshold after 31st March 2021, rather than returning to the £125,000 threshold, could generate higher consumption. This has the potential of increasing housing market activity, which subsequently could provide a fiscal surplus of £139 million per year. Research suggests that maintaining the current SDLT holiday threshold
