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Private Client Review for July 2020 from Tax Journal

Posted on 27 July 2020

Associate Annie Bouch and Partner Andrew Goldstone have written an article on The Finance Bill for Tax Journal.

The Finance Bill 2020, once passed, will extend the period of time in which homeowners can claim a refund on the additional 3% SDLT paid on the purchase of a second home. It will also bring into focus the settlor’s domicile at the date of additions and transfers to excluded property trusts. In the Hashmi case, the taxpayer’s claims for private residence relief on three properties sold in three consecutive tax years were dismissed. The Bhikhi case demonstrates the difficulty and evidential burden of proving an implied trust scenario. The chancellor has announced a temporary SDLT reduction to kickstart the housing market.

Read the full article here.

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