On 24 March – just ahead of the 12-month anniversary of the higher rates (3% surcharge) of Stamp Duty Land Tax coming into force on 1 April, 2016 – HMRC updated its brief online guidance – which oddly they called ‘detailed guidance’ – to include text on partnerships, trusts and inherited homes.
But amid some helpful parts in the document, there’s also a good dose of misleading information and some mistakes.
In short, the scores of homebuyers (and, in many cases, their solicitors) who are currently uncertain as to whether the 3% surcharge will apply, are unlikely to be any clearer.
I have cited some of the most confusing points from the HMRC’s updated guidance and added an explanation, clarification or correction underneath.
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