Attention all rental property owners.
Don’t miss the opportunity to utilise the increase in Stamp duty bands (SDLT), where properties with values up to £500k will not be charged SDLT up until 31st March 2021, 30th June 2021 (budget update).
This could prove a valuable tax planning opportunity, especially where one member of a married couple is the sole owner of a rental property, and to mitigate the amount of tax they pay they transfer 50% (or another percentage) to the other partner. Currently there would be no SDLT on transfers where the mortgage or value of the property is below £500k. From 01/04/2021, now 01/07/2021 (budget update) the stamp duty bands will move to £250k, and reverts back to £125k from 01/10/2021. Please get in touch if you would like further information.
https://www.gov.uk/stamp-duty-land-tax/residential-property-rates
