Stamp increase, for residential property only

The Chancellor has announced that the rate of stamp duty land tax will increase to 5% for residential property transactions of £1 million and over.  This new rate will apply to transactions with an effective date (usually completion) on and after 6 April 2011.

4 thoughts on “Stamp increase, for residential property only”

    1. Correct. The 5% rate will apply where the effective date is on or after 6 April 2011.

      Regards
      Graham

  1. How will they decide what is commrcial and what is residential – surely everyone with a 1m plus home will try to argue it is commercial?

    1. It is decided objectively, the Finance Act 2003 includes detailed rules. A building that is used or suitable for use as a dwelling is residential property for SDLT purposes, I doubt that there will be many arguments.

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