A specialist tax director from Milsted Langdon has addressed members of the Royal Institute of Chartered Surveyors (RICs) about changes to property tax.
Leon Cane provided RICs members with an in-depth analysis of the new higher rate of Stamp Duty Land Tax (SDLT) on residential properties at one of their recent events.
This change potentially adds an additional three per cent to the charge on acquisition of interests in a second property and so members were keen to learn more.
During his speech Leon explained that the new higher rate charge had created a significant new cost for landlords and investors, who have found themselves caught out by the new rules.
However, he pointed out a number of available exemptions and said that it was “critical that appropriate planning is undertaken to ensure proposed transactions are not unnecessarily brought within the charge.”
Speaking after the event held in Bridgwater, he said: “The property sector has seen a number of changes to tax in the last few years and many in the profession feel as though they have been dealt an unfair hand by the government.
“My talk at the RICs meeting was very well received and the feedback I have had from members has been very positive. I hope the talk that I gave will prove useful to them in the near future.”