I was reading about the growing trend for people to swap homes rather than sell and buy another home. Added benefits were simple chain, no estate agent fees and no stamp duty (except on the difference in value between the houses).
I see that the New Lie have changed the law on swapping properties and the full stamp duty is due on the full value of both houses.
"After completion, you must send a Land Transaction Return to the Revenue and Customs Stamp Taxes Office providing details of the value of the house you have acquired.
Previously, stamp duty was normally only payable on the amount of any balancing payment.
If the difference in value of two exchanged properties was less than the lowest threshold for the payment of stamp duty, nothing was payable by either owner.
However that all changed when the government introduced Stamp Duty Land Tax (SDLT) in 2003.
Now, only limited categories of exchanges of property are exempt from SDLT. An exchange between private individuals is not one of them. "
Which was nice.
I wonder what other little tax tweaks go unnoticed by the great unwashed?
I see that the New Lie have changed the law on swapping properties and the full stamp duty is due on the full value of both houses.
"After completion, you must send a Land Transaction Return to the Revenue and Customs Stamp Taxes Office providing details of the value of the house you have acquired.
Previously, stamp duty was normally only payable on the amount of any balancing payment.
If the difference in value of two exchanged properties was less than the lowest threshold for the payment of stamp duty, nothing was payable by either owner.
However that all changed when the government introduced Stamp Duty Land Tax (SDLT) in 2003.
Now, only limited categories of exchanges of property are exempt from SDLT. An exchange between private individuals is not one of them. "
Which was nice.
I wonder what other little tax tweaks go unnoticed by the great unwashed?
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