The new stamp duty rules set out in Budget 2016 take effect on 1 April 2016. For those buyers funding the purchase of a new home with the sale of an existing home, if their buyer pulls out but they still want to go ahead – perhaps by using a bridging loan – they will be liable for the stamp duty surcharge because they will technically own two residential properties at completion.
Non-domiciled individuals who are UK resident for more than 15 out of 20 years will become deemed domiciled for all tax purposes from April 2017. Those who become deemed domiciled in April 2017 can treat the market value of non-UK situated assets at 6 April 2017 as being their base cost.
The Government said the introduction of a new Lifetime Individual Savings Account (LISA) will help young people save flexibly for the long term throughout their lives. The aim is to help them simultaneously save for a first home and for their retirement, without having to choose one over the other.
The Personal Allowance is the amount of income you can earn before you start paying Income Tax. This is currently £10,600 – it will already rise to £11,000 in 2016/17, and will now increase further to £11,500 in April 2017.