SDLT and CGT Service for Solicitors
Providing tax calculation services to solicitors and their clients
There is already a somewhat unrealistic expectation that solicitors should, in their professional capacity, be both property and tax experts. At Friend Partnership, we have a dedicated team of specialists who can deal with SDLT and CGT matters and we would be delighted to offer the benefit of our expertise to our colleagues in the legal profession and their clients.
Stamp Duty Land Tax
Solicitors are now expected to calculate Stamp Duty Land Tax (SDLT) liabilities in respect of property acquisitions and return these to HMRC within a strict time period – usually within 14 days of completion of the transaction. The SDLT legislation can be extremely complex and the calculation of the amount due is fraught with problems and risk for solicitors. HMRC’s SDLT calculator “tool” is simply not up to the job and is sadly unable to deal with the most basic of situations.
Capital Gains Tax
As of 6 April 2020 individuals disposing of a residential property are required to submit a Capital Gains Tax (CGT) return within 30 days of a disposal. Although the legislation says that the person making the disposal has to make the return, many will look to their solicitor to compile and submit this information.
Calculation of the CGT liability on a residential property disposal requires detailed knowledge of the legislation, and complications can arise when the property disposed of is not the vendor’s main residence, or where there are outbuildings, periods of absence from the property and where land surrounding the property does not qualify as “garden or grounds”.
Accessing the correct advice
We can provide a tax calculation service to solicitors and their clients, giving certainty that the correct amount of CGT is paid and all the reliefs that vendors may be entitled to are claimed.
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