Font Size

Changes to the Stamp Duty Land Tax

 By

Lawdit Solicitors - Expert Author

Tax Articles
Submit Articles   Back to Articles

11 April 2012

A new 7% rate of Stamp Duty Land Tax (SDLT) on homes purchased over 2 million began from 22 March 2012. Until this date, the maximum tax payable on purchase of residential property was 5%.

Under the new rules, any purchaser that acquires a UK residential property (freehold purchases and leasehold assignments or) for a purchase price that exceeds 2 million, must pay 7% SDLT. This will also apply to the grant of a lease where the premium exceeds 2 million.

The new rate will apply to the effective date (the date of completion) of the transaction.

There are transitional provisions which will ensure that, broadly speaking, the old rate will continue to apply in respect of contracts that were entered into before the 22 March 2012 but completed on or after this date.

If you need any assistance with a residential or commercial property matter, contact our Property Department and speak to one of our solicitors who will be happy to assist you.

Inam Ali is a Solicitor specialising in Commercial and Intellectual Property Law, and can be contacted via email: inam.ali@lawdit.co.uk


About the Author

Lawdit Solicitors offer services and advice for litigation, commercial contracts, Intellectual Property and IT legal agreements. We are experts in commercial law with a heavy emphasis on Intellectual Property, Internet and e-commerce law. Lawdit is a member of the International Trademark Association, the Solicitors' Association of Higher Court Advocates and we are the appointed Solicitors to the largest webdesign association in the world, the United Kingdom Website Designers Association.



Follow us @Scopulus_News

Article Published/Sorted/Amended on Scopulus 2012-09-12 09:06:13 in Tax Articles

All Articles

Copyright © 2004-2019 Scopulus Limited. All rights reserved.