The following Tax Q&A Produced in partnership with Sean Randall of Blick Rothenberg and Mary Ashley of Old Square Tax Chambers provides comprehensive and up to date legal information covering:
The higher rates of stamp duty land tax (SDLT) will apply to the purchase of a major interest in a single dwelling by an individual, if at the end of the day of purchase, conditions A–D are met:
condition A—the chargeable consideration is £40,000 or more
condition B—the dwelling is not subject to a lease which has more than 21 years to run on the date of purchase
condition C—the purchaser owns a major interest in another dwelling which has a market value of £40,000 or more and is not subject to a lease which has more than 21 years to run at the date of purchase of the new dwelling, and
condition D—the dwelling being purchased is not replacing the purchaser’s only or main residence
For further information, see Practice Note: 3 per cent higher rates of SDLT on additional residential properties.
Dwelling has been specifically defined to include:
a building or part of a bu
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