Confirmation that the full HS2 Project will proceed is of huge significance for residents and landowners in North West Leicestershire. The impacts of the Route will be both financial and environmental and will affect landowners and property owners...
SDLT Grey Areas Under Discussion
Owners of mixed-use properties will know that the Stamp Duty Land Tax (SDLT) charged on commercial properties is not the same as that charged on residential properties.
There is also a considerable grey area when it comes to the definitions used in different parts of the statute as to what ‘commercial’ as opposed to ‘residential’ property is and over details relating to completion and occupation of buildings, planning status and the treatment of land associated with buildings.
The Chartered Institute of Taxation has been in discussion with HM Revenue and Customs in a bid to iron out some of these uncertainties and a consultative process is now in train.
It is not yet known when revised guidance on any of the problem areas will be issued.
Recently it was announced that ‘granny flats’ attached to residential properties will not be subject to the 3 per cent SDLT charge on ‘second homes’ provided that the flat concerned is worth less than one third of the value of the whole property.