Stamp Duties Flashcards
What is sdlt
This is stamp duty land tax
How is stamp duty land tax paid and what time frame by
It is assessed on a self assessment and paid to hmrc via a solicitor
Should be paid 30 days from transaction and this will be reduced to 19 days in March 2019
What are the tax bands for res property
125k is 0% 125k to 250k is 2% 250k to 925k is 5% 925k to 1.5mill is 10% Above 1.5mill is 12%
What are the non res tax bands
Up to 150k 0%
150k to 250 k 2%
Above 250k is 5%
How is a res lease hold property charged sdlt
At a rate of 1 % on present val of rent over the term of a lease with val that exceeds 125k
How is present value calculated for lease properties
[Annual rent x number of years of lease] then apply discount factor which is the lower val of a future payment compared to a payment made now
How is a non res lease property sdlt calculated
Same has the res property but the 1% starts on val between 150,001 k to 5 mill
Then 2% over 5mill
What things in a property is sdlt not payable on
Fixture and fittings such as carpets white goods kitchenware
It is also not payable in the conveyancing with a connection in a divorce or judicial separation
Describe what relief first time buyers get with sdlt
Don’t pay it on property that’s 300k or less
Max amount is 500k where they pay the 5% difference from 300k and 500k
If property val is over 500k, then normal rules apply
What do companies pay for sdlt on property over 500k
15% due to anti avoidance rate
What is lbtt
Land and building transaction charge in Scotland
What are the lbtt res property band rates
145k0% 145 to 250k 2% 250k to 325k 5% 325k to 750k 10% 750k plus 12%
What is lbtt band for non res property
150k 0%
150k to 350k 3%
350k plus 4.5%
What is the lbtt for first time buyers threshold
175k
What is ltt
Land transaction tax for Wales
What are the Ltt tax bands for res property
180k 0% 180k to 250k 3.5% 250k to 400k 5% 400k to 750k 7.5% 750k to 1.5mill 10% 1.5mill plus 12%
What is the additional % on another res property in the whole uk
The is 3% added on the normal rate for any second property be it res or non res
Refund can be claimed if other house sold but in all can only get it if they hold a single property
What is stamp duty and stamp duty reserve tax
These are payments for buying shares, stock and unit trusts
How do you pay for sd and sdrt
Done via a stock broker
What is the rate for sd
Rate is 0.5% on anything above £1000 and is rounded to the nearest £5
What is the rate for sdrt
This is also 0.5% on anything above £1000 but is rounded to the nearest penny as it’s done via crest
Are sd and Sdrt allowable for deduction during gains calculated
Yes they are
What kind of shares are not charged sd or sdrt
Those that are listed on growth markets like aim and etfs
