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Category: TAX
TAX
What is land transaction tax?
Land Transaction Tax (LTT) is a tax on property transactions in Wales. It was introduced on April 1, 2018, replacing the Stamp Duty Land Tax (SDLT) in Wales. LTT is administered by the Welsh Revenue Authority (WRA) and is applicable on the purchase or lease of land or property. Key Points of Land Transaction Tax… Read more
What is land and buildings transaction tax?
Land and Buildings Transaction Tax (LBTT) is a tax on property transactions in Scotland. It was introduced on April 1, 2015, replacing the Stamp Duty Land Tax (SDLT) in Scotland. LBTT is administered by Revenue Scotland and applies to residential and non-residential property purchases and leases. Key Points of Land and Buildings Transaction Tax (LBTT):… Read more
Stamp duty land tax rules for second homes
Stamp Duty Land Tax (SDLT) rules in the UK for second homes are more stringent compared to those for primary residences. The government introduced an additional surcharge to deter individuals from purchasing multiple properties, aiming to make housing more affordable for first-time buyers and to address the housing shortage. Here is a detailed explanation of… Read more
Gifts and how they affect IHT
In the UK, Inheritance Tax (IHT) may be payable on gifts made during a person’s lifetime if they pass away within seven years of making the gift. The rules governing IHT on gifts include various exemptions and reliefs designed to reduce the potential tax liability. Here’s an overview of the key rules and exemptions: Key… Read more
UK Tax Residency explained
The rules on tax residency in the UK are primarily determined by the Statutory Residence Test (SRT), which establishes whether an individual is a tax resident in the UK for a given tax year. The SRT consists of three main parts: 1. Automatic Overseas Tests You are automatically considered non-resident for the tax year if… Read more
Overview of Inheritance Tax (IHT) and 2024 rates
Inheritance Tax (IHT) is a tax on the estate (the property, money, and possessions) of someone who has died. The standard Inheritance Tax rate is 40%, which is only charged on the part of the estate that’s above the threshold. Thresholds and Allowances Tax Rates Exemptions and Reliefs Seven-Year Rule (Potentially Exempt Transfers) Gifts made… Read more
Understanding stamp duty land tax (SDLT) in the UK: Current rates and key information
What is Stamp Duty Land Tax (SDLT)? Stamp Duty Land Tax (SDLT) is a tax levied on the purchase of property or land in England and Northern Ireland. It is applicable to both residential and non-residential property transactions and must be paid by the buyer. The tax is calculated based on the purchase price of… Read more
How many first-time buyers will benefit from a permanent freeze to stamp duty?
The Liberal Democrats’ policy to permanently freeze stamp duty for first-time buyers is aimed at making homeownership more accessible for this group by reducing upfront costs. While the exact number of first-time buyers who would benefit from this policy is not specified in the party’s literature, we can estimate the impact based on recent housing… Read more