October 20, 2023
Buying a property with an annex? You may be entitled to Multiple Dwellings Relief
If you are purchasing a residential property, and it has an annex or similar within the grounds, you may be able to qualify for a reduction in stamp duty, called ‘Multiple Dwellings Relief’ (MDR).
MDR is available if the annex is capable of being used as a dwelling – it needs its own access, electricity, heating, bathroom, and kitchen facilities in order to qualify. It doesn’t have to actually be used as a dwelling, but must be capable of being used as such on the date of purchase.
If your property qualifies, the reduction in stamp duty can be significant, as you qualify for an additional nil rate threshold for each dwelling
As an example, a property purchased for £ 1.3m could qualify for a Stamp Duty Land Tax saving of £32,000.
How Jerroms can support you
If you are considering purchasing a property with an annex, or purchased one in the last 12 months and didn’t apply this relief, please get in touch.
SUCCESSION PLANNING AND PASSING ON FAMILY WEALTH
Get In TouchPlanning for the future is one of the most important steps you can take to protect your family’s financial wellbeing and ensure your legacy is passed on in the most effective way possible. Whether you're considering gifting assets during your lifetime or establishing trust structures to safeguard wealth for future generations, succession planning requires careful thought, strategic timing, and a clear understanding of the tax implications involved.
This booklet provides a practical overview of the key considerations when transferring wealth.
We’ve summarised the main areas to consider and highlighted the potential advantages and pitfalls of each approach. While this guide offers a useful starting point, we strongly recommend seeking tailored advice to ensure your succession plan is both tax-efficient and aligned with your family’s needs.
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Jerroms Mortgage & Finance Ltd is registered in England and Wales. Registered number 11459888. Registered Office address as above. Authorised and regulated by the Financial Conduct Authority (reference number: 829252). Mortgages Together, Stratford Corporate Finance and Business Finance Quote are trading names of Jerroms Mortgage & Finance Ltd. VAT No. 326 4715 04.
Jerroms Financial Planning is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register under reference 300784. Registered in England and Wales under reference 4710626. Registered office address: Lumaneri House, Blythe Gate, Blythe Valley Park, Solihull, West Midlands B90 8AH.
Client Directors of the firm are not directors of Jerroms and are not subject to the obligations and responsibilities of directors within Part 10 of the Companies Act 2006.
Jerroms is a trading style of both Jerroms Business Solutions Limited (08923059) and Jerroms GCN Limited (08433008). Registered Office for each of these Companies is: Lumaneri House, Blythe Gate, Blythe Valley Park, Solihull, West Midlands, B90 8AH. A list of directors is open for inspection at the Registered Office.
