Budget 2010: Stamp Duty Land Tax
Wednesday 24 March 2010
The two changes to Stamp Duty Land Tax (SDLT) are:
A two year holiday period from Stamp Duty LT for first time property buyers.
Legislation will be introduced in Finance Bill 2010 to provide a Stamp Duty Land Tax relief where:
- an individual or individuals jointly purchase a major interest in land which is wholly residential
- the consideration is more than £125,000 but not more than £250,000
- that individual (or all of them) intends to occupy the property as his/her or their only or main residence
- an individual or individuals has or have not previously purchased such an interest or its equivalent anywhere in the world
- the effective date of the transaction is on or after 25 March 2010 and before 25 March 2012.
More information, including questions and answers are in the following documents:
A new rate of SDLT for expensive properties
At present the highest SDLT rate of 4 per cent applies to purchases where the consideration exceeds £500,000. Legislation in Finance Bill 2010 will
add a new rate of 5 per cent for transactions in residential property where the consideration for the transaction exceeds £1 million.
The new higher rate will apply to residential purchases where the effective date (normally the date of completion) is on or after 6 April 2011.
More information is in
