The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
For purchases of residential property between 8 July 2020 and 31 March 2021 inclusive there is a temporary cut in stamp duty land tax (SDLT). This is achieved by increasing the zero-rate band from £125,000 to £500,000.
For purchases (and lease premiums) during the period of the temporary cut, the rate of SDLT on each band of consideration is therefore as follows:
The nil rate band that applies to the ‘net present value’ of any rents payable for residential property is also increased to £500,000 from 8 July 2020 until 31 March 2021. The rate is 1% for the part of the net present value in excess of £500,000.
While the temporary cut in rates applies, the special rules for first-time buyers do not apply.
Companies buying residential property worth less than £500,000 will also benefit from the temporary cut in rates, as will companies that buy residential property of any value where they meet the relief conditions from the corporate 15% SDLT charge.
The temporary cut in rates applies only where the property is in England or Northern Ireland. Transactions on or after 1 April 2
**Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason.
Access this article and thousands of others like it free for 7 days with a trial of TolleyGuidance.
Read full article
Already a subscriber? Login
This note offers guidance in respect of the administration of company tax returns. If a company or organisation is subject to corporation tax they will have to complete and file a company tax return for each accounting period. A company or organisation must, in the main, file a return even if they
Terminal loss relief for trade losses in the final 12 monthsTrading losses incurred by a company in the final 12 months leading up to the discontinuance of trade may be carried back for up to three years from the period beginning immediately before that 12-month period. So if the final accounting
Summary of capital allowances on carsThe current capital allowance rates applicable to cars are as follows:Pool typeDescription of carRateLegislationMain rate poolNew and unused cars with CO2 emissions over 50g/km but not more than 110g/km (to be reduced to 50g/km and below from April 2021)18%CAA
What is structures and buildings allowance (SBA)?From 29 October 2018, expenditure on constructing a non-residential building or structure, or in certain cases, expenditure on acquiring such a building or structure, qualifies for an SBA. The following note has been updated for the changes announced
To view our latest tax guidance content, sign in to Tolley Guidance or register for a free trial.