How To Avoid SDLT 3% Surcharge
Buy to let landlords looking to escape the Section 24 tax through incorporation, will be relieved to know they can now avoid SDLT 3% surcharge thanks to new changes to HMRC tax manuals.
For individual landlords and relatively new Partnerships, the changes to HMRC’s manuals could be very welcome news. The 3% additional rate does not apply to residential properties if a property rental business has a commercial element, for example flats over a shop or any other commercial property.
Together with the Chancellors Stamp Duty incentive on transactions under £500k until March 2021 and Multiple Dwellings Relief which applies SDLT to the average values of dwellings in property businesses, it is now viable for more landlords to consider incorporation than ever before.
The video was filmed immediately after HMRC updated their manuals and includes a whole host of tips to take maximum advantage of the changes, even if your rental property business doesn’t currently include any commercial property elements.
The video also features Mark Smith from Cotswold Chambers and Mark Smith from Property 118.
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