fbpx
Chevron pointing up icon

Stamp Duty Land Tax – Budget 2010

Solicitors in London

Stamp Duty Land Tax – Budget 2010

News article published on: 18th June 2010

Two changes to Stamp Duty Land Tax (SDLT) were announced in the 2010 budget. These are:

• A two year holiday period from SDLT for first time property buyers; and
• A new rate of SDLT for expensive properties

The following must apply for first time buyers to qualify:

  • an individual or individuals jointly purchase a major interest in land which is wholly residential, and
  • the consideration is more than £125,000 but not more than £250,000, and
  • that individual (or all of them) intends to occupy the property as his/her or their only or main residence and
  • has or have not previously purchased such an interest or its equivalent anywhere in the world and
  • the effective date of the transaction is on or after 25 March 2010 and before 25 March 2012.

At present the highest SDLT rate of 4% applies to purchases where the consideration exceeds £500,000.

A new SDLT rate of 5% will be intoduced for residential property transactions where the consideration exceeds £1 million. This new higher rate will not be introduced until April 2011 and will only apply to residential purchases where the effective date (normally the date of completion) is on or after 6 April 2011.

arrow pointing down
Testimonial:

"From my first meeting with Sophie regarding my accident i was alway 100% confident that she would get the best possible outcome. Sophie was professional but warm and was sympathetic to the case, I never doubted any of her advice and felt every move was made with my best interest in mind. I am over the moon with the outcome of my claim, I received a settlement much higher than I imagined when i first contacted Osbornes and would recommend them to anybody."

Personal Injury department client

Camden

Livery House, 9 Pratt Street, London NW1 0AE
Tel: 020 7485 8811 Fax: 020 7485 5660
DX Number 57053 Camden Town

Hampstead

28A Hampstead High Street, Hampstead, NW3 1QA
Tel: 020 7485 8811 Fax: 020 7485 5660

Contact a Lawyer

Enter your details below to receive a call from Osbornes:


Speak To A Lawyer

Speak

To a

Lawyer