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What about granny?

05 October 2016 / Ann Humphrey
Issue: 4570 / Categories: Comment & Analysis , Land & property
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The stamp duty land tax surcharge on additional residential properties.

KEY POINTS

  • Since April 2016 a 3% stamp duty land tax surcharge applies to purchases of additional properties.
  • Legislation was amended to exempt subsidiary dwellings such as granny annexes.
  • Consider purchasing several properties in separate transactions.
  • Overpaid stamp duty land tax may be claimed.

 

As anyone who has not been cloistered with Trappist monks will know since 1 April 2016 there has been a 3% stamp duty land tax surcharge on some acquisitions by individuals of major interests in additional dwellings. The surcharge also catches the acquisition by any other person of a dwelling even if it is the first or only dwelling owned by that buyer. It does not apply to purchases of non-residential properties nor to those used for both residential and non-residential purposes.

Section...

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