Is there any saving provision under the current SDLT holiday rules for a transaction which has exchanged before 31 March 2021 but which completes after that date, due to unforeseen delays ie coronavirus (COVID-19) related?

Is there any saving provision under the current SDLT holiday rules for a transaction which has exchanged before 31 March 2021 but which completes after that date, due to unforeseen delays ie coronavirus (COVID-19) related?

The temporary increase in the nil rate band for SDLT applies to transactions with an effective date that falls within the period from 8 July 2020 ending 31 March 2021. This means that the transaction must complete or be substantially performed during that period. For more on the meaning of effective date, see Practice Note: SDLT—notifiable transactions.

Where a transaction is substantially performed during that period but completes after the period then the transaction still benefits from the reduced rate.

The Law society has called for transitional provisions so that the time period during which the reduced rates apply does not end abruptly. See: Call for urgent action ahead of stamp duty holiday deadline.

For more on rates of SDLT, see Practice Note: Rates of SDLT.

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