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Getting to grips with new stamp duty land tax rules for residential property
KEY POINTS
- December 2014 saw major changes to the stamp duty land tax regime for residential property.
- The old “slab basis” rates are being retained for non-residential and mixed-use properties.
- Transitional rules apply where contracts were exchanged before 4 December but completed after 3 December 2014.
- HM Treasury statistics suggest that there is more than one break-even point in the changed rates.
- The linked transactions rule prevents fragmented transactions benefitting from lower tax rates.
- Multiple dwellings relief has been retained under the new regime.
History is likely to remember George Osborne for his radical shake-up of stamp duty land tax (SDLT) in the 2014 autumn statement.
At a simple stroke he introduced the “slice system” for calculating this charge on residential property...
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