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SDLT and CGT Service for Solicitors

Providing tax calculation services to solicitors and their clients

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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.


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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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KNOWLEDGE BASE

A pickup truck is driving down a dirt road next to a field.
18 November 2024
from April 2025, double-cab pick-up trucks with a payload of one tonne or more will no longer be taxed as light commercial vehicles but as company cars
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5 November 2024
Most notable among the changes the tax regime was the abolition of the concept of domicile and its replacement with a “residence-based regime”.

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