Autumn Budget 2021

AUTUMN BUDGET 2021

Rishi Sunak delivered his third Budget as Chancellor on 27 October 2021. This year it was combined with the Spending Review for Government Departments and that spending element did take up the bulk of the speech which was light on new tax measures. The Chancellor certainly enjoyed announcing lots of spending in various areas. Concerns will be at the potential future tax rises to pay for all of this, particularly if the growth forecasts are missed.

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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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