SDLT HOLIDAY – Here is what you need to know

What is SDLT? 
    Stamp Duty Land Tax (SDLT) is tax payable by buyers purchasing a property in England and Northern Ireland. The amount payable by buyers will depend on the purchase price of the property and where buyers are living in the UK.  SDLT is often transferred through either your conveyancer or your solicitor. The buyer must send an SDLT return to HMRC and pay the tax within 14 days of completion. 
What is stamp duty holiday? 
    Rishi Sunak (Chancellor) announced yesterday that there will be a cut to to stamp duty effective immediately. Chancellor increased the payable threshold from £125,000 up to £500,000 for properties situated in England and Wales. The Stamp Duty Holiday expires on 31 March 2021. 
Therefore, buyers completing on a residential property with a purchase price of £500,000 or below, between the period of 8 July 2020 to 31 March 2021 will not pay any SDLT.  
    Buyers purchasing properties above £500,000 will be taxed on their value above that amount. Comparison between old rates and new rates as shown below:   
    Why has SDLT Holiday been implemented & what are the benefits? 
Notwithstanding the fact the property market has demonstrated an increase in activity following lockdown restrictions being lifted in May, the property market has suffered during this pandemic.  SDLT Holiday is a temporary measure implemented by the government to boost the property market and encourage buyers to proceed to sale.  Buyers benefit greatly as they could save up to £15,000 on a property value of £500,000. Prior to SDLT Holiday, if a buyer purchased a property for £470,000, for example, the buyer would have to pay £8,500 as a first time buyer or £14,100 if the buyer has additional properties.     
Contact us today if you have any queries.       

No fault divorce – So close yet so far

Divorce is a very difficult process. At the moment, a couple cannot get a divorce without playing the blame game. The current law affirms that one spouse must take the blame for the breakdown of the marriage by establishing the following grounds;
  • Adultery
  • Behaviour 
  • Desertion 
  • Separated for 2 years and consent 
  • Separated for 5 years
On 9 April 2019, David Gauke (Justice Secretary) announced that the Government will introduce reform legislation to divorce proceedings to allow married couples to get a divorce without pinning the blame on the other spouse. Whilst there was a long hold on passing this reform, the Divorce, Dissolution and Separation Bill concluded its passage through the House of Commons on 17 June 2020. However, Robert Buckland (Lord Chancellor) states;

“At this early stage, we are working towards an indicative timetable of implementation in autumn 2021”

No fault divorce will bring the law governing divorce into the 21st Century.  Although there is still a long wait for the reform to be implemented, Landmark Legal are thrilled to welcome a more dignified divorce process.