Stamp taxes bulletin
HMRC have published the third edition of their Stamp Taxes Bulletin.
The bulletin includes details of the new higher stamp duty land tax rate of 5%. The new higher rate will be applied from 6 April 2011 to residential property sales where consideration exceeds £1 million.
Also covered is the relief for first time buyers announced in the March 2010 Budget which exempts first time buyers from Stamp Duty on property purchases of up to £250,000 where all qualifying conditions are met. This change is effective for transactions taking place on or after 25 March 2010 and before 25 March 2012.
The full contents of the bulletin are as follows:
- Relief for first-time buyers
- New 5% band for residential property – effective 6 April 2011
- Partnerships – anti-avoidance measure
- New rules for overpayment claims – effective 1 April 2011
- Paper notification – payment of SDLT
Land and Shares
- Bulletins June and November 2009
- Withdrawal of Practitioners and Technical News
- Shares issued to an EU clearance service – retrospective anti-avoidance measure
- Relief for members of clearing houses
- First-time buyers
- Rent taken into account
- Further Returns
- In preparation
- Recent changes