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Stamp Duty Land Tax – Understanding Where The Opportunities Lie
Stamp Duty Land Tax (SDLT) is one of the most complicated things in property. It's also one of the most misrepresented things in property, usually through solicitors or accountants who don’t truly know what they’re talking about.
Luckily, Shaz does know what he’s talking about, and this week he’s talking to you about this complex issue in the hopes that by knowing more, you’ll be able to take better advantage of some of the opportunities that not many know of.
KEY TAKEAWAYS
- Some accountants and solicitors don’t understand the many rules of Stamp Duty Land Tax, and therefore don’t truly understand all the rules. They can also be guilty of simplifying the process, which is also a mistake. It’s complicated, and that’s the painful truth of the matter.
- Multiple Dwellings Relief - People are often wrongly advised that you need to buy six or more properties in order for Multiple Dwellings Relief to apply. That isn’t true. Multiple means just that. You only need to buy two or more.
- If you buy six or more dwellings in a single transaction, you can use commercial rates of Stamp Duty. The nil rate, in this case, is much higher.
- If you have an annexe, and if it fulfils the HMRC definition of a dwelling, which is a building suitable for use as a single dwelling, you could be missing out on additional stamp duty paid.
BEST MOMENTS
’Some advisors tend to simplify it, and it isn’t as simple as they make it out to be’
‘Over £20,000. That is huge!’
‘Do the calculation and see which one comes out best for you’
’Stamp Duty Land Tax is a very complex area'
ABOUT THE HOST
Shaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.
Shaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultation he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.
He is a huge advocate of having multiple streams of income. He has written a number of business books and regularly contributes articles to main stream media outlets.
You can find Shaz on:
- YouTube.
View all episodes
By Shaz NawazStamp Duty Land Tax (SDLT) is one of the most complicated things in property. It's also one of the most misrepresented things in property, usually through solicitors or accountants who don’t truly know what they’re talking about.
Luckily, Shaz does know what he’s talking about, and this week he’s talking to you about this complex issue in the hopes that by knowing more, you’ll be able to take better advantage of some of the opportunities that not many know of.
KEY TAKEAWAYS
- Some accountants and solicitors don’t understand the many rules of Stamp Duty Land Tax, and therefore don’t truly understand all the rules. They can also be guilty of simplifying the process, which is also a mistake. It’s complicated, and that’s the painful truth of the matter.
- Multiple Dwellings Relief - People are often wrongly advised that you need to buy six or more properties in order for Multiple Dwellings Relief to apply. That isn’t true. Multiple means just that. You only need to buy two or more.
- If you buy six or more dwellings in a single transaction, you can use commercial rates of Stamp Duty. The nil rate, in this case, is much higher.
- If you have an annexe, and if it fulfils the HMRC definition of a dwelling, which is a building suitable for use as a single dwelling, you could be missing out on additional stamp duty paid.
BEST MOMENTS
’Some advisors tend to simplify it, and it isn’t as simple as they make it out to be’
‘Over £20,000. That is huge!’
‘Do the calculation and see which one comes out best for you’
’Stamp Duty Land Tax is a very complex area'
ABOUT THE HOST
Shaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.
Shaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultation he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.
He is a huge advocate of having multiple streams of income. He has written a number of business books and regularly contributes articles to main stream media outlets.
You can find Shaz on:
- YouTube.
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