Q&As

Is an acquisition of a new main residence subject to the higher 3% rates of SDLT where the purchaser owns rental property overseas and in the UK but does not own his current main residence?

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Published on LexisPSL on 14/09/2016

The following Tax Q&A provides comprehensive and up to date legal information covering:

  • Is an acquisition of a new main residence subject to the higher 3% rates of SDLT where the purchaser owns rental property overseas and in the UK but does not own his current main residence?

Is an acquisition of a new main residence subject to the higher 3% rates of SDLT where the purchaser owns rental property overseas and in the UK but does not own his current main residence?

The higher rates of the 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 to D are met:

  1. Condition A—the chargeable consideration is £40,000 or more

  2. Condition B—the dwelling is not subject to a lease which has more than 21 years to run on the date of purchase

  3. Condition C—the purchaser owns an 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

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