| At present the Stamp Duty
Land Tax rate is 1% for residential
property purchases where the consideration
is more than £125,000 but does not exceed
£250,000.
Legislation will be introduced in the
Finance Bill to give relief from SDLT
where the consideration is more than
£125,000 but not more than £250,000. This
relief will apply where the purchaser or
all the purchasers are first time buyers
and intend to occupy the property as their
only or main home.
The new relief will be available for
residential property purchases where the
effective date (normally the date of
completion) is on or after 25 March 2010
and before 25 March 2012.
The current highest SDLT rate of 4%
applies to residential property purchases
where the consideration exceeds £500,000.
A new rate of 5% will be introduced for
transactions in residential property where
the consideration exceeds £1 million.
This new higher rate will apply where
the effective date is on or after 6 April
2011.
Internet link:
Budget report SDLT |
