Budget 2012 Stamp Tax Announcements

15th June 2012

21.03.12 - Announcements from Budget 2012 regarding stamp duty land tax include:

Stamp duty land tax (SDLT): rate in respect of residential property where consideration over £2 million

Legislation will be introduced in Finance Bill 2012 to charge SDLT at 7 per cent of the chargeable consideration where this is more than £2 million. The measure takes effect for transactions where the effective date (normally the date of completion) is on or after 22 March 2012.

Stamp duty land tax: enveloping of high value residential properties

The government will introduce legislation in Finance Bill 2012 to apply a 15 per cent rate of SDLT to residential properties over £2 million purchased by certain non-natural persons. This will take effect from 21 March 2012.

More information about the new rate can be found here.

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