Posted: 01 April 2011
Issue: Vol 167, Issue 4299
Categories: Update, News, Land

5% on residential property over £1m

HMRC have published guidance about the new stamp duty land tax 5% rate. It was introduced by FA 2010 for residential property transactions where the chargeable consideration exceeds £1 million and where the effective date is on or after 6 April 2011.

The existing 4% rate continues to apply to residential property transactions where the consideration is between £500,000 and £1 million.

The new rate also applies to linked transactions which consist wholly of residential property where the aggregate chargeable consideration exceeds £1 million.

Non-residential and mixed use transactions are not affected.
 

Share this page

• Add new comment
• Printer-friendly version