1
Type Speaker CPD Hours Level
Webinar
1.25 UpdateInformation
Accreditation Information
SRA Competency B

Introduction

We can’t all be experts in taxation law, but tax and especially SDLT is increasingly adding to the conveyancer’s burden. This adds to potential liability both to the client and potentially HMRC if you get it wrong.

No longer do we have a single applicable rate for all transactions and with property price inflation more clients are falling liable to pay this tax. Liability to SDLT cannot be separated from the conveyancing process whether residential or commercial and knowing the pitfalls is essential to minimising exposure to liability.

What You Will Learn

This webinar will cover the following:

  • Temporary SDLT relief from 8 July 2020 to 31 March 2021
  • Budget March 2020 including 2% surcharge on purchases by non-resident buyers
  • Higher rate on additional dwellings - the 3% surcharge:
    • Which transactions do the higher rates apply to and which will not?
    • When do the higher rates fall due and what are the rates once a property falls within the higher rate?
    • Problems over buyer owning other properties, replacement main residence, joint ownership, adult buying for offspring, foreign property and multiple dwellings
    • A detailed look at HMRC guidance, definitions of a ‘dwelling’ and a ‘major interest’ for these purposes and the four essential conditions which have to apply for a property to be subject to higher rates
    • Individuals - purchase of single dwelling, multiple dwellings, joint purchasers, married couples and individuals ‘treated as’ owning a property, trusts, trustees and beneficiaries
    • Companies and other non-individuals
    • Interaction with multiple dwellings relief, filing a return and when a refund may be claimed
    • ‘Granny annexes’ - special rules
    • Case studies and definitions - when is a house not a house?
  • Multiple dwellings relief in detail - Secure Service v HMRC [2020] and mixed use property - Goodfellow [2019]
  • First Time Buyer Relief:
    • Eligibility, price limits, conditions to be met
    • Joint buyers and relationships that have broken down
    • Definitions of a first-time buyer and dwellings, linked transactions
    • Extension of relief to choices under shared equity purchases
  • Land Transaction Tax (Wales):
    • The commercial and residential rates, reliefs and a general overview
  • Avoidance:
    • SDLT avoidance schemes, HMRC attitudes, penalties and professional misconduct
  • Other Reliefs:
    • Charities, registered social landlords, local authorities and developers

This webinar was recorded on 28th April 2020

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