PROPERTY TAXATION: SDLT surcharge will create problems for IIP trust beneficiaries
HM Treasury has published details of how it will apply the new 3 per cent stamp duty land tax (SDLT) surcharge on second properties. The extra charge will not apply to purchases that replace the main residence, or where the individual purchaser only owns one residential property, irrespective of the intended use of the property. However it will apply to a trust beneficiary who has an interest in possession (IIP) in the property.
