News

Budget 2012: Stamp Duty Land Tax

  • March 21, 2012
  • By Hunters Law

The Chancellor has announced that Stamp Duty Land Tax (“SDLT”) will increase to 7% for residential properties worth more than £2 million from midnight on 21st March 2012.

Transitional rules will apply for transactions where contracts had been exchanged prior to Budget Day, but not yet completed.

In addition, the Chancellor announced that SDLT will be charged at 15% from 21st March 2012 on residential property purchased by “non-natural” persons, including companies, collective investment schemes (including unit trusts) and partnerships in which a “non-natural” person is a partner.

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