Autumn Budget – Property taxes

24th November 2017
  1. SDLT for First time buyers – The government has introduced a new relief from SDLT for first-time buyers (in England, Wales and Northern Ireland) for all transactions with an effective date on or after 22 November 2017.

The relief works as follows:

  • £300,000 or less: no SDLT payable
  • £300,001 and £500,000: no SDLT on the first £300,000 and SDLT at 5% on the balance
  • Over £500,000: no relief.

A first-time buyer has been defined by the government as ‘an individual or individuals who have never owned an interest in a residential property in the United Kingdom or anywhere else in the world and who intends to occupy the property as their main residence’.

  1. Mileage rates for landlords – The government will extend the option to use approved mileage rates to property businesses on a voluntary basis, to reduce the administrative burden.
  2. Capital Gains Tax (CGT) payment window – The introduction of the 30-day payment window between a gain arising on a residential property and payment due date will be deferred until April 2020.
  3. Gains on non-resident disposals of all UK immovable property (including land and UK commercial property) will be brought within the scope of UK tax. The change is expected to apply to gains accruing on or after April 2019 and is an extension of the non-resident capital gains tax (NRCGT) legislation introduced in 2015 (CGT for UK residential property disposed of by non-residents).
  4. Corporate indexation allowance -will be frozen from 1 January 2018. No relief will be available for inflation accruing after this date when calculating chargeable gains made by companies.
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