Taxpayer wins SDLT dispute over manor house used as pub The buyer of a GBP1.8-million manor house has persuaded the First-tier Tax Tribunal (FTT) that the property was not wholly residential and so entitled to mixed-use relief from stamp duty land tax (SLDT). The applicant successfully argued that the property was being used as a hotel, inn or similar establishment (HISE) at the effective date of the transaction and that part of the property was leased out to a farmer for grazing. This consequently saved an additional SDLT bill of GBP47,750. However, the FTT noted it had allowed the appeal on the ‘finest of margins’, partly influenced by the COVID-19 restrictions in place at the relevant times (Hurst v HMRC, 2024 UKFTT 540 TC).
JPHLAW Business Lawyers’ Post
More Relevant Posts
-
With the abolition of Multiple Dwellings Relief (MDR) for Stamp Duty Land Tax (SDLT) effective since June 1st 2024, it's crucial to correctly classify your property. Recent cases like Bonsu & Anor v HMRC demonstrate how misclassification can significantly impact your SDLT liabilities. For instance, claiming a communal garden as non-residential can lead to hefty fines and corrections by HMRC. Ensure your SDLT submissions are accurate and compliant. If you're navigating property transactions, our team is here to provide the expert advice you need. Read on to learn more from our Real Estate expert Adele W.: https://lnkd.in/eVK2Bhgv #SDLT #TaxRelief #PropertyTransactions #RealEstate #PropertyClassification #LegalAdvice
-
-
Saving Taxes| Founder - ITReturnBharo ( ZroTax ) | Ex-Unacademy | Mentoring CA Students 2700+
🔑 If You've Purchased Property or Paying Rent, Please Don't Miss This! 🔑 📢 Attention all property buyers and renters! 📢 If you've recently engaged in real estate transactions, it's crucial to mark May 15th on your calendar. This date signifies the deadline for issuing TDS certificates for tax deductions under sections 194-IA and 194-IB of the Income Tax Act, 1961. Section 194-IA applies to property purchases exceeding Rs 50 lakh, while 194-IB pertains to TDS on rent payments exceeding Rs 50,000 per month. Ensure compliance with these obligations to avoid any penalties or complications. #PropertyTransactions #TDS #IncomeTax #DeadlineReminder #LinkedInPost
-
-
The higher rates of Stamp Duty Land Tax (SDLT) were introduced on 1 April 2016 and apply to purchases of additional residential property such as buy to let properties and second homes. The higher rate is 3% higher than the regular SDLT rates and applies to the purchase of additional residential properties valued at over £40,000. #SDLT #ResidentialProperty
-
The higher rates of Stamp Duty Land Tax (SDLT) were introduced on 1 April 2016 and apply to purchases of additional residential property such as buy to let properties and second homes. The higher rate is 3% higher than the regular SDLT rates and applies to the purchase of additional residential properties valued at over £40,000. #SDLT #ResidentialProperty
Higher rates of SDLT on residential property
-
The higher rates of Stamp Duty Land Tax (SDLT) were introduced on 1 April 2016 and apply to purchases of additional residential property such as buy to let properties and second homes. The higher rate is 3% higher than the regular SDLT rates and applies to the purchase of additional residential properties valued at over £40,000. #SDLT #ResidentialProperty
Higher rates of SDLT on residential property
-
The higher rates of Stamp Duty Land Tax (SDLT) were introduced on 1 April 2016 and apply to purchases of additional residential property such as buy to let properties and second homes. The higher rate is 3% higher than the regular SDLT rates and applies to the purchase of additional residential properties valued at over £40,000. #SDLT #ResidentialProperty
Higher rates of SDLT on residential property
apsaccountancy.co.uk
-
Managing Director at APS Accountancy Limited ► Supporting business owners to drive profitability ► Driving efficiencies ► Providing up to date financial information ► Part Time Finance Director / CFO ► Finance Trustee
The higher rates of Stamp Duty Land Tax (SDLT) were introduced on 1 April 2016 and apply to purchases of additional residential property such as buy to let properties and second homes. The higher rate is 3% higher than the regular SDLT rates and applies to the purchase of additional residential properties valued at over £40,000. #SDLT #ResidentialProperty
Higher rates of SDLT on residential property
apsaccountancy.co.uk
-
The higher rates of Stamp Duty Land Tax (SDLT) were introduced on 1 April 2016 and apply to purchases of additional residential property such as buy to let properties and second homes. The higher rate is 3% higher than the regular SDLT rates and applies to the purchase of additional residential properties valued at over £40,000. #SDLT #ResidentialProperty
Higher rates of SDLT on residential property
-
The higher rates of Stamp Duty Land Tax (SDLT) were introduced on 1 April 2016 and apply to purchases of additional residential property such as buy to let properties and second homes. The higher rate is 3% higher than the regular SDLT rates and applies to the purchase of additional residential properties valued at over £40,000. #SDLT #ResidentialProperty
Higher rates of SDLT on residential property
-
The higher rates of Stamp Duty Land Tax (SDLT) were introduced on 1 April 2016 and apply to purchases of additional residential property such as buy to let properties and second homes. The higher rate is 3% higher than the regular SDLT rates and applies to the purchase of additional residential properties valued at over £40,000. #SDLT #ResidentialProperty
Higher rates of SDLT on residential property
