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Goodbye, MDR
Key points
- Multiple dwellings relief (MDR) has been used by institutional buyers but also by those buying homes with granny flats or cottages in the grounds.
- The abolition of MDR will be felt by smaller investors or developers and traders acquiring two to five dwellings.
- A claim for MDR can now only be made for the pre-commencement transactions and these cannot be linked with any transactions occurring after the commencement date.
- Changes are proposed to first time buyers’ relief for those granted a lease via a nominee or bare trust.
The Budget included a number of measures on stamp duty land tax (SDLT). The most significant of these was the abolition of multiple dwellings relief.
The chancellor announced the abolition of the SDLT multiple dwellings relief (MDR) from 1 June 2024 subject to further transitional rules explained below.
In November 2021 the government published a consultation document...
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