Category: Budget 2016

Stamp duty new rules

Who are the winners and losers?

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.

Changes to the non-dom tax regime

Rebasing offshore assets to their market value at 6 April 2017

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.