Over Taylor Biggs

First, with effect from 6 April 2011, if the purchase price of a residential property exceeds £1 million, SDLT will be payable (by the buyer) at the rate of 5%.  Strictly speaking, tax is payable from the effective date.  Normally, this is the date of actual completion of the purchase.

Secondly, from July 2011, HM Revenue & Customs will insist on unique identification for the lead purchaser when submitting an SDLT Return.  Tax Returns are to be amended and will be mandatory from July 2011.  They will require individuals to record a National Insurance Number and for companies to use their Company Registration Number or VAT Registration Number for identification purposes.  This will apply equally to applications made online.

This information will be required from potential buyers now.  Previous Returns have always had provision for unique identification but until now this has not been insisted upon by HM Revenue & Customs.