The following Tax practice note provides comprehensive and up to date legal information covering:
FORTHCOMING CHANGE relating to SDLT for non-residents buying residential property: As announced at Budget 2018, confirmed at Spring Budget 2020 and following a government consultation that ran until 6 May 2019, Finance Bill 2020–21 will include provisions for an SDLT surcharge of 2% for non-residents buying residential property in England and Northern Ireland. The surcharge will apply from 1 April 2021 (subject to transitional provisions). For more detail, see News Analyses: Draft Finance Bill 2020-21—new rates of stamp duty land tax for non-UK residents, Draft Finance Bill 2020–21—Tax analysis—New rates of stamp duty land tax (SDLT) for non-UK residents from 1 April 2021 and Reforming SDLT—the government consults on a non-UK resident surcharge.
The higher 3% rates of stamp duty land tax (SDLT) apply to:
purchases of certain additional residential properties by individuals, and
purchases of residential properties by purchasers who are not individuals regardless of whether they hold any other residential properties
The higher 3% rates are 3% more than the standard residential property rates of SDLT. For the applicable rates of SDLT, see Practice Note: Rates of SDLT. By introducing the higher 3% rates, the government aims to support owner occupiers and first time buyers by making it more expensive to buy additional property such as second homes and buy-to-let properties. This Practice Note looks at when the higher 3% rates apply and the
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