HMRC 3% come-down on mixed use development

You may have seen the recent press coverage on the HMRC’s “about face” on the minimum rate of SDLT on Multiple Dwellings Relief transactions where there is a mixed use development.

Read article on Property Industry Eye

For 4 years, Cornerstone has advocated that the rate is the lower 1% and not 3% that HMRC referred to in their Guidance.

We are happy to say the HMRC have, finally, agreed with us and updated their Guidance accordingly.

If you have completed any transaction involving mixed use multiple dwellings since April 2016 and been advised that the 3% minimum rate applied then you need to urgently review your calculations because you are eligible for a refund from HMRC because of their inaccurate guidance.

If we can assist with any way or if you wish to discuss this email please feel free to call your usual contact at Cornerstone on 01858 894349 or visit us at www.ctatax.uk.com.

Kindly shared by Cornerstone Tax

Main article photograph courtesy of Pixabay