The new 7 per cent rate of Stamp Duty Land Tax (SDLT) for residential property transactions applies where the chargeable consideration exceeds £2 million. This applies to transactions where the effective date is on or after 22 March 2012, subject to transitional provisions for pre-existing contracts.
The new 15 per cent rate of SDLT applies for residential property transactions by certain persons (broadly companies, collective investment schemes and partnerships with a member who is a company or a collective investment scheme) where the chargeable consideration exceeds £2 million. The effective date is on or after 21 March 2012, subject to transitional provisions for pre-existing contracts.
There are also two exclusions from the higher charge, firstly for companies acting in its capacity as trustee of a settlement and for bona fide property developers who meet the qualifying conditions.
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