Our website uses cookies to enhance the visitor experience (what's a cookieCookies are small text files that are stored on your computer when you visit a website. They are mainly used as a way of improving the website functionalities or to provide more advanced statistical data.). Are you happy for us to use cookies during your visits?
Please note: continuing without making a choice equates to giving us your consent, which you can withdraw at any time via our cookies policy page.

 

  • ICAEW
  • SAGE

 

0161 928 3276

 

 

We understand our clients

Stamp Duty Help for Family Exchanges

 

Newsletter issue - April 07.

The rates of Stamp Duty Land Tax (SDLT) were not changed in the Budget. The duty is payable on all homes valued at over £125,000, (or £150,000 in a disadvantaged area), and on all commercial properties valued at over £150,000.

However there was one welcome change for family members who want to exchange properties. Currently when a widowed grandparent living alone in the former family home wants to exchange that large house for a small property currently occupied by her daughter, the total value of both properties is added to together to work out the SDLT rate that will apply.

So where a property worth £300,000 is exchanged for a property worth £220,000, the total value of the properties is £520,000 and the rate of SDLT on both transactions is 4%, giving a SDLT charge of £20,800. After the law is changed in July 2007 there will be a charge at 1% on the acquisition of the property worth £220,000, and a charge at 3% on the acquisition of the property worth £300,000, giving a total SDLT charge for the family of £11,200.

 

To work Smarter in your Business Contact Beauchamp Charles

Contact Us

"Join our newsletter for hints, tips and tax advice"

 

What our clients say

Dakins Property Services

Great Results, Personable, High Integrity

Choice Events Limited

All at Beauchamp Charles are very helpful, approachable and easy to talk to. They keep me informed with key dates; I can feel totally confident that I won't ever miss any deadlines! Whoever I deal with, always deal with matters professionally and efficiently and if they are unavailable they get back to me promptly.

FT leisure Ltd

I have worked with Beauchamp Charles as our management accountants for over 20 years and have never received anything less than exceptional service. Their approach is both professional and personal. Finances and particularly tax strategies are a minefield for small businesses; Beauchamp Charles have in-depth knowledge of these area, which is comforting. They pay very close attention to our business activities and have provided financial strategies that have helped our company develop.

Fredrick Thomas Electrical and Maintenance

We have used Beauchamp Charles since company formation back in 1998. Beauchamp Charles offers us a one to one service as they are small enough to offer this dedicated service and large enough to do the work and offer best advice. They get to know us as individuals and a business, always giving sound advice. Frederick Thomas Electrical are in a stronger place thanks to the service we get from them.

Barnes Walker Landscapes Limited

We are a small business and had employed the same accountancy firm for many years. Two years ago we took the decision to switch to Beauchamp Charles after several othe local businesses recommended them very highly to us. We have not been disappointed with the service they have provided to us over these last two years.