The Autumn Budget 2017

Phillip Hammond gave his first Autumn Budget since the switch from the annual Spring Budget. It was heavy on reduced growth figures and deficits further in to the future blamed, in the main, on the vote to leave the European Union.

Here are some of the key points from our detailed newsletter.

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Stamp duty alert

Since April 2016, purchasers of a second residential property (or any company residential property) will be aware that there is a premium of 3% on the stamp duty payable over the usual rates.

One thing to be aware of here, is that the legislation says that you pay this if you own another residential property. What has not be widely publicised, is the fact that if you are married, you are treated as one person for the purpose of these rules. Even if you don't own a residential property and your spouse does, when you buy a property, you will pay the 3% premium.

One further point to note, is that for this purpose, owning another residential property means property worldwide, not just the UK. Therefore, the overseas holiday home does count here, so when you buy a UK property, you will pay the extra 3%.
As ever, do contact us if you need specific advice on this area.


 

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