MISSED THE SDLT DEADLINE ?

As the clock chimes 12 o'clock this evening, investors will lose the chance to avoid the increase of 3% in the rate of stamp duty on purchases of additional residential properties. On properties in over £1.5m the higher rate will now be 15%, which will have a considerable impact on the London property market, which some might argue is what Mr Osborne was intending, in order to put a brake on the onward march of property speculation in London particular by overseas investors.

If you are one of those investors who have missed the deadline and are still interested in buying, Tax Counsel can provide some bespoke solutions which can assist not only with regard to SDLT but also in relation to changes in inheritance tax due to come into force next April, where by any one non domiciled, using off shore corporate structures to invest in UK property will no longer have the protection of the corporate veil and the revenue will have a "look through", allowing them to tax the real beneficial owner of the asset.

For assistance on these and other property tax matters, don't hesitate to make contact with Lee Magner at lee@ullgerchambers.com

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