sdlt.co.uk

March 2010 - Budget announces changes to Stamp Duty Land Tax.

12th June 2012

3 main announcements were made in the March 2010 budget concerning Stamp Duty Land Tax:-

A) First Time Buyers - legislation will be introduced in Finance Bill 2010 to provide a higher Stamp Duty Land Tax threshold of £250,000 for individuals purchasing residential property for the first time. This is limited to transactions whose effective date is on or after 25th March 2010 and before 25th March 2012.  For further information click this link: http://www.hmrc.gov.uk/budget2010/sdlt.htm. In due course, there will be a new relief code for this relief. We will publish  further information as it is available. In the meantime, the code to use for this relief is 28 - Other relief.

A) Question and Answer Briefing and Technical Note for Stamp Duty Land Tax (SDLT) - First Time Buyers" is  available from this link:  http://www.hmrc.gov.uk/budget2010/sdlt-qa-tech-1545.pdf.

B) Residential Purchases over £1 million - a new higher rate of 5 per cent will apply to residential purchases for more than £1 million where the effective date of the transaction is on or after 6th April 2011. For further information click this link: http://www.hmrc.gov.uk/budget2010/sdlt.htm.

C) Stamp Duty Land Tax Partnerships - this measure introduces legislation to tackle Stamp Duty Land Tax avoidance using partnerships. For further information click this link http://www.hmrc.gov.uk/budget2010/bn26.htm.

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