The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
For purchases of residential property between 8 July 2020 and 30 June 2021 (extended from the previous end date of 31 March 2021 in Budget 2021), there is a temporary cut in stamp duty land tax (SDLT), achieved by increasing the zero-rate band from £125,000 to £500,000. This is followed by a nil rate band on residential property purchases of £250,000 where the acquisition of a chargeable interest takes place between 1 July 2021 and 30 September 2021. Where the acquisition takes place on or after 1 October 2021, the nil rate band on residential property reverts back to £125,000. See TIIN: Extension of the temporary increase to the Stamp Duty Land Tax nil rate band for residential properties.
For purchases (and lease premiums) during the period 8 July 2020 and 30 June 2021, the rate of SDLT on each band of consideration is therefore as follows:
The nil rate band that applies to the ‘net present value’ of any rents payable for residential property is also increased to £500,000 from 8 July 2020 until 30 June 2021. The rate is 1% for the part of the net present value in excess of £500,000. The nil rate band is £250,000 for transactions from 1 July 2021 to 30 Septe
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