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17
Dec
Draft Finance Bill 2016 Legislation Published: Property Implications
News

On 9 December 2015, HMRC and HM Treasury published draft legislation for the Finance Bill 2016, together with consultation responses and explanatory notes.

Property practitioners will have to wait until January 2016 for the draft legislation to implement the higher rates of stamp duty land tax (SDLT) for purchases of additional residential properties. These measures were announced in the Autumn Statement on 25 November 2015

The items of particular interest for property practitioners include:

  • New and extended reliefs for the annual tax on enveloped dwellings (ATED), and for the 15% SDLT charge.
  • Extension of enterprise zones for capital allowances.
  • Draft legislation amending the capital gains tax (CGT) rules on disposals of UK residential property by non-residents.
  • With regard to the CGT payment window for disposals of residential property, following an announcement in the 2015 Autumn Statement that the date for payment of CGT on gains arising from the disposal of residential property will be brought forward to within 30 days of completion, the government has announced that taxpayers will be able to reconcile any such payments on account with their total CGT liability for the year after the end of the relevant tax year.
  • Repeal of the wear and tear and renewals allowances for property businesses and the introduction of a new deduction for capital expenditure incurred by landlords on furnishings, appliances and kitchenware provided for use by a tenant of a dwelling-house.

The draft legislation is open for technical consultation until 3 February 2016; the final contents of the Bill will be confirmed in the 2016 Budget, which will take place on Wednesday 16 March 2016.

For further advice contact a member of our Residential Property team or Commercial Property team.

Please read Reliance on information posted in our Terms of Website Use - see Legal section - before relying on this commentary.

Before relying on this commentary please read the Reliance on information posted section in our Terms of Website Use in our Legal section. Please note that specialist advice should be taken in relation to any specific queries and the information above is provided for general information purposes only.

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