March 2016 was a very busy month for property lawyers and conveyancers. As a result of the changes in Stamp Duty Land Tax purchasers who were buying a second residential property were scurrying to complete their purchases before 1 April 2016 when the rules changed.
The rules themselves are exceptionally complex and it is not quite as simple as enquiring whether a client already owns a house and is buying an additional house. There are a number of scenarios which are caught by these new rules, that when the consultation document was produced would not have appeared to be caught.
In respect of commercial or non-residential land there has been an amendment to the rules so that Stamp Duty Land Tax is now dealt with on a slice system rather than the old slab system. This corresponds with the standard rules for SDLT on residential properties and will mean that in practice most transactions under £1,000,000 will attract less SDLT than under the old rules.
Also under the budget significant changes were made to the Permitted Development rules including the creation of the office to residential right being made permanent. In all cases it is important to check the planning history of the property as permitted development rights may have been removed for a site by a previous planning permission.
For all areas of property law both residential and commercial please do not hesitate to contact Skipton Solicitor and Property Partner James Dunn on 01756 692 875 or send an email firstname.lastname@example.org
Partner and Commercial Property Specialist
Tel: (01756) 692 875