Mortgage Market Support
In a move to help the property market and first time buyers, Alistair Darling has introduced a Stamp Duty Land Tax (SDLT) exemption or holiday for purchases of residential property from 3 September 2008 to 2 September 2009 (inclusive). The exemption effectively raises the current nil rate band of £125,000 (£150,000 in disadvantaged areas) to £175,000 for the period of one year only.
The effect of this increase is that where residential property is bought or leased (for in excess of 21 years) costing not more than £175,000, no SDLT will be payable. SDLT continues to be payable at 1% on property from £175,000 to £250,000 before the percentage rises.
The transaction must still be reported using the relevant return form SDLT1 even though no SDLT is payable.
Inside this issue:
Helping the Mortgage Market: Robson & Co offer some sage advice
Unfair Trading Support: Gullands Solicitors reveal some protective legislation
Wealth Creation Specialist - November 2008 Newsletter
Consumer Protection from Unfair Trading
The Consumer Protection from Unfair Trading Regulations 2008 (“CPRs”) came into force on 26 May 2008. The CPRs are of utmost importance to any businesses that deal with consumers. Anyone running such a business should review the 31 blacklisted practices contained in Schedule 1 of the CPRs and the extended ambit of what now constitutes an aggressive practice to ensure that your sales and marketing techniques do not fall foul of these. Notably, the CPRs contain broader catch-all provisions that are capable of accounting for newly emerging unfair practices. The CPRs extend the ambit of misleading actions and omissions leading to compliance issues beyond simply marketing and advertising, to certain actions directly connected with the promotion sale or supply of a product to or from consumers. You should consider employee awareness and training not just for sales and marketing teams, but more widely for other persons who may be affected, such as after-sales support. These persons need to understand the new requirements, the potential for enforcement action, and the harsher legal penalties: the CPRs introduce criminal sanctions for the business and individuals within it. Finally, policies and procedures should be reviewed and ongoing compliance with the CPRs should be monitored.
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