STAMP DUTY LAND TAX RELIEF

In its essence, tax relief is any program or incentive, which reduces the amount of tax payable by an individual or business entity.

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*NOTE*

In light of Covid-19, the Government has introduced new temporary rules on Stamp Duty Land Tax in England and Northern Ireland. As of July 2020, you are not required to pay Stamp Duty Land Tax on residential properties of up to £500,000. These rates will remain in place until the 31st of March 2021. Find out more information here.

To claim the relief an individual must complete an SDLT return, even if no tax is due. CapEx Associates can offer help with claiming SDLT relief for individuals as well as businesses.

SDLT EXEMPTIONS

SDLT exemptions are subject to constantly changing rules and legislation. CapEx Associates will help you recognise and utilise the possibilities for SDLT relief prior to your property purchase.

SDLT Group Relief for Property Transfer Between Companies

Companies can claim SDLT relief within the same group that buys or sells a property to or from each other. However, conditions apply to Group Relief SDLT. The buyer and seller will both need to be registered companies and be members of the same group at the effective date of the purchase.

SDLT Relief for Charities

Stamp Duty Land Tax relief may be claimed by charities that buy land and property for charitable purposes. The HMRC, however, can withdraw relief if the charity owning the property stops being a charity or stops using the property for charitable purposes within 3 years of purchase.

SDLT Relief for Compulsory Purchases

This is a specific Stamp Duty Land Tax relief for bodies with legal power to compulsorily buy land or property from individuals. Such bodies can still claim, even if the sale is not made under those powers, as long as the sale allows for development by a third party.