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SDLT: Trustees and executors beware

John Bunker reviews the new stamp duty land tax charges on additional properties and advises on the traps to watch out for

9 February 2016

The higher stamp duty land tax (SDLT) charges for additional properties, which take effect on 1 April 2016, hold many traps for estates and trusts. Solicitors have a real opportunity to provide advice and to be proactive in flagging up the issues for clients, with potential new work reviewing property ownership within families.

This article is based on the proposals published on 28 December 2015. The legislation comes out with the Budget on 16 March, to take effect 15 days later. This leaves little time for new options, so we assume the final form will be much as proposed.

The extra 3 per cent SDLT will apply where the purchaser of a residential property owns any other property at midnight on completion day.

Main residence

There is an exception where the purchase is replacing a main residence but - a quirk in the proposed rules - this...

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