Residential SDLT 2021 - A Vital Update for Conveyancers & Advisers
Peter, an English solicitor, went to work in Brussels last November for two years.
He let his UK flat.
In October 2021 Peter sells the flat and buys a house for £450,000, renting it out until he returns to the UK in November 2022.
It is his only dwelling. Normal SDLT would be £12,500, but he must pay £21,500. Why? He must pay the 2% non-resident surcharge that applies as from 1 April 2021. NRS has nothing to do with nationality. Peter is English. But on completion in October, he is not UK-resident.
You will have to ask every buyer of a dwelling if they are UK-resident or not, since that question is being added to the tax return where the effective date is on or after 1 April 2021.
This is the latest in a stream of changes to residential SDLT law and practice over the past few years. Mistakes can be very expensive for the client and for those of us who advise. There have also been important recent tribunal decisions on SDLT.
This virtual classroom seminar will provide a vital update.
What You Will Learn
This live and interactive session will cover the following:
- An introduction to the complexities of NRS (non-resident surcharge)
- Two flowcharts to help you with HRAD (higher rates on additional dwellings)
- The importance of multiple dwellings relief (MDR) and why HMRC is investigating MDR claims
- Learn how difficult it now is to claim mixed-use on a residential purchase
- Lessons from recent cases
Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.