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Explaining the 15% SDLT charge now the property threshold is down to £500,000
KEY POINTS
- Enveloped SDLT charge of 15% now applies to properties costing over £500 000.
- Value is of a “single dwelling” and rental properties are excluded.
- Separate transactions where a non-higher threshold interest is also part of the main subject matter.
- Note some of the material differences between the 15% SDLT charge and ATED especially on withdrawal of reliefs.
The threshold for the higher rate 15% stamp duty land tax (SDLT) charge which applies to residential property was substantially reduced to more than £500 000 (from more than £2 000 000) with effect from 20th March 2014 the day after the Budget.
It follows that understanding the rules for the 15% rate the reliefs from it and the circumstances in which the reliefs are withdrawn has ceased to be a minority sport...
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