Spring has sprung for private client practitioners

Victoria Mahon de Palacios advises on the key provisions of the Spring Budget 2016, including a couple of welcome surprises as well as previously announced measures
17 May 2016

The unexpected announcement in the 2015 Autumn Statement that an additional 3 per cent stamp duty land tax (SDLT) charge will apply to purchases of second homes and buy-to-let properties in England and Wales, where the consideration is £40,000 or more, has now been put into effect as from
1 April 2016.

The additional charge will be applicable even
if the purchaser owns their other property or properties overseas. Where the additional property is to replace the purchaser's main residence (main residence is to be determined on the facts), the purchaser can claim a refund of the additional SDLT charge provided their main residence is sold within 36 months.

This marks a significant change to th...

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