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Autumn Statement 2015 - Update

Hallidays Tax Director, Philip Eagle has added further comments about the Autumn Statement:

Stamp Duty

From 6th April 2016 the stamp duty on buy to let properties and second homes will have a 3% premium on the purchase price. This means the stamp duty on a £250,000 property will increase from £2,500 to £10,000.

There will be concessions – for example the stamp duty premium paid for a property sold within 18 months of purchase can be reclaimed.

Buy to let owners are currently considering how to deal with the March 2015 budget restriction on finance costs for buy to let properties. The suggestion of incorporating their portfolios now looks less attractive (unless they have more than 15 properties).

There will inevitably be a rush to complete property transactions before 5th April 2016 to avoid the new rules.

VAT and 6th Form Colleges

Sixth-form colleges will be allowed to convert to academy status or join a multi-academy trust. This will allow non local authority colleges to recover their input VAT.

If you would like further information about why Hallidays are well placed to guide colleges through the challenges of converting to an academy please read our webpage.

If you would like any further advice or support, please contact Hallidays on 0161 476 8276 or email hello@hallidays.co.uk.

Disclaimer:

The information contained herein is of a general nature and is not intended to be received as formal professional advice. Whilst we endeavour to provide accurate information, there can be no guarantee that the information is accurate as of the date it is received, or that it will continue to be accurate in the future, due to legislative changes. It is therefore important that before you act upon any information contained herein you seek appropriate professional advice to take account of your exact circumstances.

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