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New top rate of Stamp Duty Land Tax on residential property
29 March 2011
A new 5% rate of stamp duty land tax (SDLT) is being introduced for property over £1 million. This new higher rate is effective from 6 April 2011 and will only apply to entirely residential property. It will not apply to commercial or mixed use property and therefore, it will be necessary to determine whether any particular property that comprises land and/or buildings is entirely residential or not, in order to apply the correct rate of SDLT.
If you are thinking of buying or selling a property, please do not hesitate to contact a member of our Property team, who would be happy to assist you.
Nick Ball, Solicitor
