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SAVINGS
Tax-free saving accounts
2015/16
2016/17
£ a year
£ a year
Individual Savings Account (ISA) subscription limit
15,240
15,240
Junior ISA subscription limit
4,080
4,080
Child Trust Fund subscription limit
4,080
4,080
EXTENDING THE RANGE OF PERMITTED INVESTMENTS
ISA investments will be eligible for crowdfunded debt securities issued by companies in the future.
It is intended to introduce legislation that will permit such investments from autumn 2016.
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PROPERTY
STAMP DUTY LAND TAX
From 1 April 2016 those purchasing
additional properties such as buy-to-let
properties and second homes will pay an
extra 3% in stamp duty land tax (SDLT).
The money raised will be used to help
those planning to buy their "rst home.
The higher rates will not apply to the
purchase of caravans, mobile homes or
houseboats, or to corporate funds
making signi"cant investments in
residential property.
SDLT FILING AND
PAYMENT PROCESS
The government will consult in 2016 on
changes to the SDLT "ling and payment
process, including a reduction in the "ling
and payment window from 30 days to
14 days. These changes are expected to
come into force in 2017/18.
ANNUAL TAX ON ENVELOPED
DWELLINGS
The reliefs available from the annual tax
on enveloped dwellings and the 15%
higher rate of SDLT are to be extended to
equity release schemes (home reversion
plans), property development activities and
properties occupied by employees from
1 April 2016.
LONDON HELP TO BUY
A new Help to Buy equity loan scheme for
London will provide buyers with 40% of the
home value from early 2016, instead of the
20% the current scheme provides.
AUTHORISED
PROPERTY FUNDS
A seeding relief is to be introduced for
Property Authorised Investment Funds
and Co-ownership Authorised Contractual
Schemes (CoACSs). Changes will be made
to the SDLT treatment of CoACSs investing
in property so that SDLT does not arise on
the transactions in units.
There will be a de"ned seeding period of
18 months, a 3 year clawback mechanism
and a portfolio test of 100 residential
properties and £100 million value, or 10
non-residential properties and £100 million
value. These changes will take effect when
Finance Bill 2016 receives royal assent.
+3%
SDLT ON
ADDITIONAL
PROPERTIES