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2016propertyspecial The way property income is taxed in the UK has undergone signiicant changes from 6th April 2016. The changes apply to Rent a Room relief, the Wear and Tear Allowance and the restricion on tax relief for the interest charge by a lender on the inancing used to purchase the rental property. When combined with the changes to the Land and Building Transacion Tax (LBTT) in Scotland and the Stamp Duty Land Tax (SDLT) in the remainder of the UK this heralds a tax upheaval for landlords of an unprecedented magnitude. Of course, each of these items will impact in difering ways depending on individual landlord’s circumstances. Rent a Room relief With efect from 6th April 2016 the amount which can be earned tax free from rening a furnished room in an individual’s home is increased to £7,500. But note, despite the name of the relief, the rules do not restrict the space rented to an actual room. The room or rooms let must form part of the home which is occupied by the person claiming the relief. The let porion of the property must be furnished in order to qualify for the relief and the scheme is not available for those who let the enirety of their homes whilst they live elsewhere. The scheme covers furnished rooms let to a lodger or leing acivity that amounts to a trade, for example, a guest house or bed and breakfast business, which can also include providing services, such as meals and cleaning. This tax free amount is given automaically if the income received is less than the increased limit, however if the amount received is more than £7,500 a self-assessment tax return must be completed. It may be beneicial, especially if you make a loss on the leing, to prepare the leing accounts in the standard way i.e. rental income received less expenses paid and declaring this on your tax return. Please ask us for help if you think this relief may beneit you. The potenial tax saving is £1,500 for a basic rate taxpayer and would mean an extra £625 per month could be earnt tax free by uilising spare rooms in your property. The relief is not restricted to basic rate tax payers with both higher and addiional rate tax payers being able to claim this relief. Wear and Tear Allowance The lat rate 10% wear and tear allowance for landlords of fully furnished residenial property was withdrawn on 6 April 2016. This will result in a substanial rise in the taxable proits for some landlords. A new allowance will come into force called the Renewals Basis and this new allowance will allow landlords of all residenial property, whether furnished or unfurnished, to claim a deducion for the replacement of assets provided for use by the tenant of a residenial property, such as furniture, furnishings, appliances and kitchenware. The property let out has to be a dwelling house and the domesic item must previously have been provided for the tenant’s sole use in that dwelling house and expenditure is now incurred in replacing the item. The expenditure on the replacement item must be solely for the use of the rental property business and cauion must be taken to ensure the item is wholly for the use of the tenant as if not the allowance will not be given. We can help to ensure you are not surprised by the potenial extra proits which will fall to be taxed following the loss of the Wear and Tear allowance. Please ask us to review your rental property porfolio to look at the most tax eicient course of acion for you.

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Page 1: ï9^ >d^µ Z P l Z >> d ] }vo Á oo]vP ^µ o u v property specialaa-accountants.co.uk/wp-content/uploads/2016/10/merged_docume… · Á]oo+ Ç}µUÇ}µ (u]oÇv Ç}µ µ ]v Xd}.v }µ

will afect you, your family and your business. To ind out more about the ways that we can help you, do not hesitate to contact us.

2016propertyspecial

The way property income is taxed in the UK has undergone

signiicant changes from 6th April 2016.

The changes apply to Rent a Room relief, the Wear and Tear Allowance and the restricion on tax relief for the interest charge by a lender on the inancing used to purchase the rental property. When combined with the changes to the Land and Building

Transacion Tax (LBTT) in Scotland and the Stamp Duty Land Tax (SDLT) in the remainder of the UK this heralds a tax upheaval for landlords of an unprecedented magnitude.

Of course, each of these items will impact in difering ways depending on individual landlord’s circumstances.

Rent a Room relief With efect from 6th April 2016 the amount which can be earned tax free from rening a furnished room in an individual’s home is increased to £7,500. But note, despite the name of the relief, the rules do not restrict the space rented to an actual room.

The room or rooms let must form part of the home which is occupied by the person claiming the relief. The let porion of the property must be furnished in order to qualify for the relief and the scheme is not available for those who let the enirety of their homes whilst they live elsewhere.

The scheme covers furnished rooms let to a lodger or leing acivity that amounts to a trade, for example, a guest house or bed and breakfast business, which can also include providing services, such as meals and cleaning.

This tax free amount is given automaically if the income received is less than the increased limit, however if the amount received is more than £7,500 a self-assessment tax return must be completed.It may be beneicial, especially if you make a loss on the leing, to prepare the leing accounts in the standard way i.e. rental income received less expenses paid and declaring this on your tax return.

Please ask us for help if you think this relief may beneit you. The potenial tax saving is £1,500 for a basic rate taxpayer and would mean an extra £625 per month could be earnt tax free by uilising spare rooms in your property. The relief is not restricted to basic rate tax payers with both higher and addiional rate tax payers being able to claim this relief.

Wear and Tear Allowance The lat rate 10% wear and tear allowance for landlords of fully furnished residenial property was withdrawn on 6 April 2016. This will result in a substanial rise in the taxable proits for some landlords.

A new allowance will come into force called the Renewals Basis and this new allowance will allow landlords of all residenial property, whether furnished or unfurnished, to claim a deducion for the replacement of assets provided for use by the tenant of a residenial property, such as furniture, furnishings, appliances and kitchenware.

The property let out has to be a dwelling house and the domesic item must previously have been provided for the tenant’s sole use in that dwelling house and expenditure is now incurred in replacing the item.

The expenditure on the replacement item must be solely for the use of the rental property business and cauion must be taken to ensure the item is wholly for the use of the tenant as if not the allowance will not be given.

We can help to ensure you are not surprised by the potenial extra proits which will fall to be taxed following the loss of the Wear and Tear allowance. Please ask us to review your rental property porfolio to look at the most tax eicient course of acion for you.

A 3% SDLT Surcharge / the LLBT Addiional Dwellings Supplement

A 3% surcharge has applied since the 1 April 2016 on purchases of addiional residenial properies such as second homes and buy to let properies. In Scotland this is called the Addiional Dwellings Supplement.

The higher rates will apply to most purchases of addiional residenial properies where, at the end of the day of the transacion, an individual purchaser owns two or more residenial properies and is not in the process of replacing his main residence.

The 3% addiional rate will also generally apply to purchases of residenial property by companies. In the case of joint purchasers, the higher rates will not apply where, at the end of the day of the transacion, each purchaser only owns one residenial property.

The issue for the conveyancing solicitor is that oten a purchase completes and the sale of the residenial property is delayed, due to any number of reasons, for example, the purchaser pulling out at the 11th hour, but the seller decided to sill complete on their new property.

In these circumstances the 3% surcharge is the potenial to reclaim the addiional tax paid if the delayed sale subsequently completes or if a new purchaser is found and the property is sold.

Under the Scoish tax system to qualify for the reclaim of LBTT paid, the property sold must have been the main residence at any ime during the 18 months prior to sale. In England, Wales and NI, to qualify for the reclaim, the residence sold must have been the main residence of the purchaser directly before the purchase of the new main residence. There is a 3 year window to submit the reclaim.

SDLT and LBTT is dealt with in the majority of cases by the conveyancer or solicitor dealing with the sale however it is a litle known fact that SDLT and LBTT is a self-assessment tax and purchasers are responsible for the accuracy of their own returns. Where an understatement of SDLT or LBTT results from a mistake and that mistake is careless or deliberate, penalies of up to 100% of the tax understated can apply alongside other sancions.

of property

England,

£125,000

£125,000 to £250,000

£250,000 to £925,000

£925,000 to £1,500,000

Over £1,500,000

£145,000

£145,000 to £250,000

£250,000 to £325,000

£325,000 to £750,000

Over £750,000

0%

2%

5%

10%

12%

3%

5%

8%

13%

15%

Single/only 2nd or addiionalScotland

We would strongly advise all property purchasers to retain a copy of the SDLT1 or in Scotland the LBTT Return form. These forms are usually completed and submited by the conveyancing solicitor at the ime of purchase as part of the property compleion process.

The addiional charge does not apply to properies with a value of £40,000 or less but this is not an allowance as if the property’s value is in excess of £40,000 then the addiional 3% applies to the

transacion.

The 3% charge is in addiion to the stamp duty charged on each tranche of the property price. If you are considering buying a second or subsequent property this chart may help to calculate the actual cost of the property to be purchased:-

aa Chartered Accountants 6 Blenheim Court, Peppercorn ClosePeterborough PE1 2DU

Shaz NawazTel: 01733 555 667Email: [email protected]

Page 2: ï9^ >d^µ Z P l Z >> d ] }vo Á oo]vP ^µ o u v property specialaa-accountants.co.uk/wp-content/uploads/2016/10/merged_docume… · Á]oo+ Ç}µUÇ}µ (u]oÇv Ç}µ µ ]v Xd}.v }µ

Loan interest relief on residenial properies

If you pay a mortgage or loan interest or fees on inance used to buy or to improve residenial properies which are let then, from April 2017, the tax relief on these inance costs will start to be restricted to the basic rate of tax. This means extra proits will fall to be taxed and is bad news for every higher rate or addiional rate taxpayer.

But many basic rate taxpayers will also be afected, as their rental income will now be added to their other income to arrive at the levels of tax charged. Just one amount of property income may be suicient to push a basic rate taxpayer into the higher rates of tax!

Unil April 2017 the interest incurred is classed as an expense deducted from the property income when arriving at the proit to be taxed and many landlords will be hard hit, especially if your property porfolio is based on high levels of borrowing.

This new lower rate tax relief will be fully implemented by April 2020.

For landlords with property porfolios or even for individual property ownership this new measure could see up to a 93%

in the tax liability.

With rental income of £20,000, this higher rate (40%) taxpayer pays loan interest of £13,000.

Transferring rental property

With the projected 93% hike (see previous example) in the tax bill for a higher rate taxpayer on buy to let income, many property owners are looking at the possibility of owning their property porfolio within a limited company.

The beneits of a transfer to a limited company may beneit some landlords. There is potenially no gain on incorporaion and potenially no Land and Buildings Transacion Tax (LBTT – in Scotland) or Stamp Duty Land Tax (SDLT – in England, Wales and NI) on the transfer of the business into a limited company if coming from a partnership. Should the company aciviies change in the future it may be possible to claim entrepreneur’s relief on the future sale of the limited company. However there are many, many obstacles to be overcome to achieve even some of these tax beneits.

To incorporate the porfolio there must be a number of properies owned, to relect a true business of property management is being undertaken. For a partnership it must be demonstrated that a legiimate and acive partnership is undertaking the act of working at making a proit and don’t forget no acion should ever be taken purely to gain a tax advantage.

There is also an annual charge for companies owning properies in the UK valued at £500,000 or more on 1st April 2016, however if the properies are buy to let properies and are let on a commercial basis to third paries, then a relief can be claimed to set against the annual rental tax due.

This is not a simple transfer to undertake and will only work in a tax eicient manner if undertaken in the right circumstances. If you own a property porfolio or just one or two buy to let properies why not ask for a review in light of the new legislaion?

Keeping a property outside of a trading company

When a trading business incorporates it is oten the case that the premises from which the business trades are not brought into company ownership, they are let in the hands of the business owner. This is usually the case where there are potenial charges to SDLT (in England, Wales and NI) and LBTT (in Scotland) when the premises are transferred into the company.

Another valid reason to keep the premises outside of the company is in anicipaion of a future sale. This is because when a property is sold any gain in value is subject to corporaion tax (CT) within the company. In addiion to CT on the sale proceeds there would be an addiional charge on the individual to release the proceeds of the sale from the company, this would be in the form of a dividend (remember that from 6 April 2016 dividends over £5,000 are taxed at the individuals highest rate of dividend tax) or capital gains tax (CGT) should the company be wound up.

As this example shows the tax man will increase his take from the property owner from £2,800 to £5,400, an increase of 93%!

This will impact on our property owning clients and we are certain that all landlords will welcome a review of their property tax posiion. Please call us to book a review and be aware of what impact the rules will have on you.

Top tip:If you are a business owner using dividends as part of your reward strategy we will be happy to demonstrate the diference the new rules on dividends will have on the amount of tax you will pay. Please ask us for a review of your dividend posiion.

Company Paying Rent for Trading Premises

If your business premises are outside of your company then the payment of a commercial rent for the use of the premises may be preferable to receiving a larger dividend, salary or a bonus from the company. There is no interest relief restricion on commercial premises and if the property is subject to a mortgage full relief for the interest paid is allowable either through the company or for the owner, if the property is owned personally.

There are many factors to consider following the changes to the dividend rules in April 2016. We would be pleased to review the most tax eicient opions for owning your business property and the potenial for future sale, reirement or even the Inheritance Tax (IHT) consequences for the premises passing to your loved ones in your estate.

Inheritance Tax (IHT) and Business Property

Business Property Relief (BPR) is a relief at 50% or 100% from IHT on business assets transferred on death. But it is not available for a business which is wholly or mainly making proits from investments.

A property rental company is certainly a business and subject to corporaion tax but a business which only generates investment income will not atract Business Property Relief (BPR). There are some grey areas which include property management and the development of properies where there is a large element of leing, management and buying and selling of properies and also holiday leing businesses.

If the properies are owned by an individual there would be no BPR and the properies would pass to the beneiciaries at the market value at probate and may give rise to an IHT charge. An immediate sale by the beneiciaries would result in no Capital Gains on the sale because the proceeds would be the same or relaively close to the market value at probate but the IHT would have to be paid prior to the passing of ownership to the beneiciaries.

The current posiion

Rental income

Loan interest

Remaining

Ater the rules change

Rental income

Loan interest

Remaining

£20,000

£13,000

£7,000 @ 40% = £2,800 paid to the tax man

£2,800

£4,200 in the hands of the property owner

£20,000 @ 40% = £8,000

£13,000 @ 20% = £2,600

£5,400 paid to the tax man

£5,400

£1,600 in the hands of the property owner

Page 3: ï9^ >d^µ Z P l Z >> d ] }vo Á oo]vP ^µ o u v property specialaa-accountants.co.uk/wp-content/uploads/2016/10/merged_docume… · Á]oo+ Ç}µUÇ}µ (u]oÇv Ç}µ µ ]v Xd}.v }µ

2016propertyspecial

Loan interest relief on residenial properies

If you pay a mortgage or loan interest or fees on inance used to buy or to improve residenial properies which are let then, from April 2017, the tax relief on these inance costs will start to be restricted to the basic rate of tax. This means extra proits will fall to be taxed and is bad news for every higher rate or addiional rate taxpayer.

But many basic rate taxpayers will also be afected, as their rental income will now be added to their other income to arrive at the levels of tax charged. Just one amount of property income may be suicient to push a basic rate taxpayer into the higher rates of tax!

Unil April 2017 the interest incurred is classed as an expense deducted from the property income when arriving at the proit to be taxed and many landlords will be hard hit, especially if your property porfolio is based on high levels of borrowing.

This new lower rate tax relief will be fully implemented by April 2020.

For landlords with property porfolios or even for individual property ownership this new measure could see up to a 93% increase in the tax liability.

Take a look at this example:-

With rental income of £20,000, this higher rate (40%) taxpayer pays loan interest of £13,000.

Transferring rental property into a limited company

With the projected 93% hike (see previous example) in the tax bill for a higher rate taxpayer on buy to let income, many property owners are looking at the possibility of owning their property porfolio within a limited company.

The beneits of a transfer to a limited company may beneit some landlords. There is potenially no gain on incorporaion and potenially no Land and Buildings Transacion Tax (LBTT – in Scotland) or Stamp Duty Land Tax (SDLT – in England, Wales and NI) on the transfer of the business into a limited company if coming from a partnership. Should the company aciviies change in the future it may be possible to claim entrepreneur’s relief on the future sale of the limited company. However there are many, many obstacles to be overcome to achieve even some of these tax beneits.

To incorporate the porfolio there must be a number of properies owned, to relect a true business of property management is being undertaken. For a partnership it must be demonstrated that a legiimate and acive partnership is undertaking the act of working at making a proit and don’t forget no acion should ever be taken purely to gain a tax advantage.

There is also an annual charge for companies owning properies in the UK valued at £500,000 or more on 1st April 2016, however if the properies are buy to let properies and are let on a commercial basis to third paries, then a relief can be claimed to set against the annual rental tax due.

This is not a simple transfer to undertake and will only work in a tax eicient manner if undertaken in the right circumstances. If you own a property porfolio or just one or two buy to let properies why not ask for a review in light of the new legislaion?

Keeping a property outside of a

When a trading business incorporates it is oten the case that the premises from which the business trades are not brought into company ownership, they are let in the hands of the business owner. This is usually the case where there are potenial charges to SDLT (in England, Wales and NI) and LBTT (in Scotland) when the premises are transferred into the company.

Another valid reason to keep the premises outside of the company is in anicipaion of a future sale. This is because when a property is sold any gain in value is subject to corporaion tax (CT) within the company. In addiion to CT on the sale proceeds there would be an addiional charge on the individual to release the proceeds of the sale from the company, this would be in the form of a dividend (remember that from 6 April 2016 dividends over £5,000 are taxed at the individuals highest rate of dividend tax) or capital gains tax (CGT) should the company be wound up.

As this example shows the tax man will increase his take from the property owner from £2,800 to £5,400, an increase of 93%!

Top tip:This will impact on our property owning clients and we are certain that all landlords will welcome a review of their property tax posiion. Please call us to book a review and be aware of what impact the rules will have on you.

If you are a business owner using dividends as part of your reward strategy we will be happy to demonstrate the diference the new rules on dividends will have on the amount of tax you will pay. Please ask us for a review of your dividend posiion.

Company Paying Rent for Trading

If your business premises are outside of your company then the payment of a commercial rent for the use of the premises may be preferable to receiving a larger dividend, salary or a bonus from the company. There is no interest relief restricion on commercial premises and if the property is subject to a mortgage full relief for the interest paid is allowable either through the company or for the owner, if the property is owned personally.

There are many factors to consider following the changes to the dividend rules in April 2016. We would be pleased to review the most tax eicient opions for owning your business property and the potenial for future sale, reirement or even the Inheritance Tax (IHT) consequences for the premises passing to your loved ones in your estate.

Inheritance Tax (IHT) and Business

Business Property Relief (BPR) is a relief at 50% or 100% from IHT on business assets transferred on death. But it is not available for a business which is wholly or mainly making proits from investments.

A property rental company is certainly a business and subject to corporaion tax but a business which only generates investment income will not atract Business Property Relief (BPR). There are some grey areas which include property management and the development of properies where there is a large element of leing, management and buying and selling of properies and also holiday leing businesses.

If the properies are owned by an individual there would be no BPR and the properies would pass to the beneiciaries at the market value at probate and may give rise to an IHT charge. An immediate sale by the beneiciaries would result in no Capital Gains on the sale because the proceeds would be the same or relaively close to the market value at probate but the IHT would have to be paid prior to the passing of ownership to the beneiciaries.

The current posiion

Rental income

Loan interest

Remaining

Ater the rules change

Rental income

Loan interest

Remaining

£20,000

£13,000

£7,000 @ 40% = £2,800 paid to the tax man

£2,800

£4,200 in the hands of the property owner

£20,000 @ 40% = £8,000

£13,000 @ 20% = £2,600

£5,400 paid to the tax man

£5,400

£1,600 in the hands of the property owner

Page 4: ï9^ >d^µ Z P l Z >> d ] }vo Á oo]vP ^µ o u v property specialaa-accountants.co.uk/wp-content/uploads/2016/10/merged_docume… · Á]oo+ Ç}µUÇ}µ (u]oÇv Ç}µ µ ]v Xd}.v }µ

We are here to helpWe can help you by ensuring that you’re aware of the changes that

will afect you, your family and your business. To ind out more about the ways that we can help you, do not hesitate to contact us.

Disclaimer: This pay less tax report is provided for clients of accountants and has been written for general interest. No responsibility for loss occasioned to any person acting or refraining from action as a result of the information outlined in this edition is accepted by the authors, ProActivTax, or any associated business. In all cases appropriate advice

should be sought before making a decision. The content is correct as at 16th August 2016 ©.

2016propertyspecial

signiicant changes from 6th April 2016.

The changes apply to Rent a Room relief, the Wear and Tear Allowance and the restricion on tax relief for the interest charge by a lender on the inancing used to purchase the rental property.

Transacion Tax (LBTT) in Scotland and the Stamp Duty Land Tax (SDLT) in the remainder of the UK this heralds a tax upheaval for landlords of an unprecedented magnitude.

Of course, each of these items will impact in difering ways depending on individual landlord’s circumstances.

Rent a Room relief With efect from 6th April 2016 the amount which can be earned tax free from rening a furnished room in an individual’s home is increased to £7,500. But note, despite the name of the relief, the rules do not restrict the space rented to an actual room.

The room or rooms let must form part of the home which is occupied by the person claiming the relief. The let porion of the property must be furnished in order to qualify for the relief and the scheme is not available for those who let the enirety of their homes whilst they live elsewhere.

The scheme covers furnished rooms let to a lodger or leing acivity that amounts to a trade, for example, a guest house or bed and breakfast business, which can also include providing services, such as meals and cleaning.

This tax free amount is given automaically if the income received is less than the increased limit, however if the amount received is more than £7,500 a self-assessment tax return must be completed.It may be beneicial, especially if you make a loss on the leing, to prepare the leing accounts in the standard way i.e. rental income received less expenses paid and declaring this on your tax return.

Please ask us for help if you think this relief may beneit you. The potenial tax saving is £1,500 for a basic rate taxpayer and would mean an extra £625 per month could be earnt tax free by uilising spare rooms in your property. The relief is not restricted to basic rate tax payers with both higher and addiional rate tax payers being able to claim this relief.

Wear and Tear Allowance The lat rate 10% wear and tear allowance for landlords of fully furnished residenial property was withdrawn on 6 April 2016. This will result in a substanial rise in the taxable proits for some landlords.

A new allowance will come into force called the Renewals Basis and this new allowance will allow landlords of all residenial property, whether furnished or unfurnished, to claim a deducion for the replacement of assets provided for use by the tenant of a residenial property, such as furniture, furnishings, appliances and kitchenware.

The property let out has to be a dwelling house and the domesic item must previously have been provided for the tenant’s sole use in that dwelling house and expenditure is now incurred in replacing the item.

The expenditure on the replacement item must be solely for the use of the rental property business and cauion must be taken to ensure the item is wholly for the use of the tenant as if not the allowance will not be given.

We can help to ensure you are not surprised by the potenial extra proits which will fall to be taxed following the loss of the Wear and Tear allowance. Please ask us to review your rental property porfolio to look at the most tax eicient course of acion for you.

A 3% SDLT Surcharge / the LLBT Addiional Dwellings Supplement

A 3% surcharge has applied since the 1 April 2016 on purchases of addiional residenial properies such as second homes and buy to let properies. In Scotland this is called the Addiional Dwellings Supplement.

The higher rates will apply to most purchases of addiional residenial properies where, at the end of the day of the transacion, an individual purchaser owns two or more residenial properies and is not in the process of replacing his main residence.

The 3% addiional rate will also generally apply to purchases of residenial property by companies. In the case of joint purchasers, the higher rates will not apply where, at the end of the day of the transacion, each purchaser only owns one residenial property.

The issue for the conveyancing solicitor is that oten a purchase completes and the sale of the residenial property is delayed, due to any number of reasons, for example, the purchaser pulling out at the 11th hour, but the seller decided to sill complete on their new property.

In these circumstances the 3% surcharge remains payable but there

is the potenial to reclaim the addiional tax paid if the delayed sale subsequently completes or if a new purchaser is found and the property is sold.

Under the Scoish tax system to qualify for the reclaim of LBTT paid, the property sold must have been the main residence at any ime during the 18 months prior to sale. In England, Wales and NI, to qualify for the reclaim, the residence sold must have been the main residence of the purchaser directly before the purchase of the new main residence. There is a 3 year window to submit the reclaim.

SDLT and LBTT is dealt with in the majority of cases by the conveyancer or solicitor dealing with the sale however it is a litle known fact that SDLT and LBTT is a self-assessment tax and purchasers are responsible for the accuracy of their own returns. Where an understatement of SDLT or LBTT results from a mistake and that mistake is careless or deliberate, penalies of up to 100% of the tax understated can apply alongside other sancions.

Purchase price

of propertyRate paid on tranche

within each band

England, Wales & NI

Up to

£125,000

£125,000 to £250,000

£250,000 to £925,000

£925,000 to £1,500,000

Over £1,500,000

Up to

£145,000

£145,000 to £250,000

£250,000 to £325,000

£325,000 to £750,000

Over £750,000

0%

2%

5%

10%

12%

3%

5%

8%

13%

15%

Single/only Property

2nd or addiionalScotland

Top tip:We would strongly advise all property purchasers to retain a copy of the SDLT1 or in Scotland the LBTT Return form. These forms are usually completed and submited by the conveyancing solicitor at the ime of purchase as part of the property compleion process.

The addiional charge does not apply to properies with a value of £40,000 or less but this is not an allowance as if the property’s value is in excess of £40,000 then the addiional 3% applies to the whole transacion.

The 3% charge is in addiion to the stamp duty charged on each tranche of the property price. If you are considering buying a second or subsequent property this chart may help to calculate the actual cost of the property to be purchased:-

aa Chartered Accountants 6 Blenheim Court, Peppercorn ClosePeterborough PE1 2DU

Shaz NawazTel: 01733 555 667Email: [email protected]


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