{"id":1133,"date":"2016-01-11T12:11:51","date_gmt":"2016-01-11T12:11:51","guid":{"rendered":"http:\/\/www.bainesjewitt.co.uk\/blog\/?p=1133"},"modified":"2016-01-11T12:11:51","modified_gmt":"2016-01-11T12:11:51","slug":"consultation-reveals-more-details-about-governments-stamp-duty-land-tax-change","status":"publish","type":"post","link":"https:\/\/www.bainesjewitt.co.uk\/blog\/consultation-reveals-more-details-about-governments-stamp-duty-land-tax-change\/","title":{"rendered":"Consultation reveals more details about Government\u2019s stamp duty land tax change"},"content":{"rendered":"<p>Following the news that the current stamp duty land tax rules will be changing from 1<sup>st<\/sup> April this year, new guidance from a Government consultation has been released.<!--more--><\/p>\n<p>While the measures have not been fully passed, an additional 3 per cent rate will apply to a property purchase if, at the end of the same purchase date, the person who is buying owns more than one property, which applies to sales where completion occurs after 1<sup>st<\/sup> April 2016.<\/p>\n<p>It is understood that a purchaser will not have to pay the higher rate of tax if the exchange took place on or before 25<sup>th<\/sup> November 2015, even if completion only takes place after 1<sup>st<\/sup> April 2016.<\/p>\n<p>However, if exchange took place after 25<sup>th<\/sup> November last year, the additional 3 per cent charge will have to be paid if completion occurs after 1<sup>st<\/sup> April 2016.<\/p>\n<p>If an individual owns property outside England, Wales and Northern Ireland, this will still be taken into account as part of calculations for how many properties a person owns, and married couples\u2019 assets are also grouped together when defining who a \u2018purchaser\u2019 is.<\/p>\n<p>In cases where a purchaser (including a married couple) is buying a new main residence, the new 3 per cent additional stamp duty rate will not be incurred if they already own a buy-to-let property, but it will apply if other types of property are owned.<\/p>\n<p>For any parents seeking to buy a property for their child, if a parent is the named owner then they will still have to pay the higher stamp duty rate.<\/p>\n<p>However, if land is purchased that does not form part of the same owner\u2019s residence it is expected that it will escape the additional tax.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Following the news that the current stamp duty land tax rules will be changing from 1st April this year, new guidance from a Government consultation has been released.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[18,17],"_links":{"self":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/1133"}],"collection":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=1133"}],"version-history":[{"count":1,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/1133\/revisions"}],"predecessor-version":[{"id":1134,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/1133\/revisions\/1134"}],"wp:attachment":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=1133"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=1133"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=1133"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}