The following Corporate practice note provides comprehensive and up to date legal information covering:
FORTHCOMING CHANGE relating to SDLT for non-residents buying residential property: The government confirmed at Spring Budget 2020 that it will introduce an SDLT surcharge of 2% for non-residents buying residential property. This follows a consultation that closed on 6 May 2019. The surcharge will apply from 1 April 2021 (subject to transitional provisions) and will be included in FB 2020–21. For more detail, see News Analyses: Reforming SDLT—the government consults on a non-UK resident surcharge and Spring Budget 2020—Tax analysis—Non-UK resident stamp duty land tax (SDLT) surcharge.
Stamp duty land tax (SDLT) is a tax on land transactions. Land transactions are acquisitions of chargeable interests, ie legal or equitable interests in land located in the UK, for chargeable consideration (which has a particular meaning for SDLT purposes).
SDLT is charged as a percentage of the chargeable consideration on a progressive slice system rather than a 'slab' basis. This means that the rates are charged on the portion of the chargeable consideration that falls within each rate band. In the case of leases, this includes any premium (usually a lump sum payment on the grant of a lease) and any rent.
reporting land transactions, and
paying the tax
are supported by penalties and interest charges.
Land transactions are chargeable transactions unless they are exempt transactions or a relief from SDLT is claimed.
Notification of chargeable land transactions and payment
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This Practice Note considers the question of when court proceedings can be stayed. It identifies scenarios in which a party may apply for a stay of proceedings, including to allow for: a jurisdictional challenge; arbitration; an attempt to settle; related criminal proceedings; an opportunity to
Brexit: The UK's departure from the EU on exit day ie Friday 31 January 2020 has implications for practitioners dealing with provisions in the CPR relevant to cross border matters, including CPR 5.4C (discussed below). For guidance on the impact of Brexit on the CPR, see Cross border
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