Latest News

LBTT threshold must be implemented immediately

09 July 2020

In response to the Chancellor's Summer Statement at Westminster, the Cabinet Secretary for Finance, Kate Forbes MSP, has said that the Scottish Government will raise the threshold for Land and Buildings Transaction Tax (LBTT) from £145,000 to £250,000. Read More...

Electronic signatures for conveyancers

09 July 2020

HM Land Registry has today, 9 July issued draft guidance on the introduction of e-signatures in order to tackle the issues that legal formalities have caused during the COVID-19 pandemic. Read More...

Three year refund window leeway for Higher rates of Stamp Duty Land Tax (SDLT)

Wednesday 10 June 2020

Due to the restrictions placed on the housing market during the COVID-19 pandemic, the Government has recognised some people have been unable to sell a previous main residence to qualify for the three per cent higher rates of SDLT refund.

If a sale during the three-year window was not possible due to exceptional circumstances – such as the Coronavirus lockdown – the Treasury has announced an extension will now be granted by HMRC once the property is sold. In most cases, the existing three-year window provides sufficient time for people to sell a previous residence, and this will not be changing for most taxpayers.

The amendment will apply to those whose refund window ended on or after 1 January 2020. The Treasury is encouraging affected vendors to make a sale as soon as it is practicable under the current moving home guidelines.

HMRC guidance coming soon

HMRC will shortly set out operational guidance on the cases which will qualify and will make decisions to grant an extension on a case by case basis, monitoring the number and type as protection against cases of fraud and abuse.

Full statement

Propertymark has made representations to Government on behalf of its members calling for changes to Stamp Duty in response to the COVID-19 pandemic and we will continue to press the Government.

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