The Race To Miss The Stamp Duty Deadline

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April 6th 2011 is the deadline to complete asset transactions for asset over £1m, to beat the new Stamp Duty levy of 5%. The proposed growth was brought in under the previous Labour Government to help fund the exemption of the first tier of the tax; up to a buy price of 250k, for first time buyers only.

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At the time it was welcomed as having the possible to kick-start the whole housing market, as it was believed that a lack of first time buyers was keeping the store back. By incentivising them, it was plan ask would be stimulated and there would be a knock-on ensue at all higher levels. The break for first time buyers was initiated immediately after the allocation in April 2010 and with hindsight it hasn't had the desired effect. This is mainly because of the lasting difficulties in obtaining mortgage finance, which neither government has yet to tackle adequately, nevertheless the 5% levy is still to be honoured.

As a consequence all agents with a proximity in the £1m plus store have reported strong ask at the start of 2011, and an growth in prices over the board. As we reach the start of February, time is becoming ever more costly to insure the transactions are completed before the deadline. Concentrate this with the City bonus season and it is authentically a busy part of the store at the moment, if not the busiest.

Solutions

There are, to varying degrees of success, a number of separate schemes that use legal loopholes to growth the likelihood of minimising the bill for Sdlt. Although frowned upon by the Government and (most) lenders alike, they still prove to be a beloved recipe to sell out the cost of moving.

Another method, which occurs more by luck than judgement, is when a asset asset is owned by a slight Company, as the shares can then be transferred to someone else firm set up by the new owner*. With Sdlt on inescapable share transfers being only 0.5%, this can offer a serious saving. This is beloved with foreign nationals because of the safety owning straight through a slight firm can offer against time to come legacy Tax, and given that over 50% of all properties over £1m purchased since September 2009 have been purchased by overseas buyers, this could come to be the most beloved way of mitigating this tax in the future.

If you are finding for, or have found a asset that falls into the £1m plus category, and have concerns that the mortgage and legal process could see you miss the deadline, touch us today and make this clear.

Please feel free to touch us on 020 7940 4747 or your advisor directly for more information.

Enness inexpressive Clients is not authorized to contribute taxation advice and this article is intended as a general guide and is not to be relied upon in any circumstance.

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