CONSULTATION ON 3% SDLT SUPPLEMENT ON SECOND HOMES FROM APRIL 2016

HMRC are consulting on the details of the higher rates of stamp duty land tax (SDLT) on purchases of additional residential properties announced in the 2015 Autumn Statement. The Government will include detailed rules in the Budget on 16 March 2016. The higher rates will not apply if at the end of the day of the transaction an individual owns only one residential property, irrespective of the intended use of the property.

In line with the CGT rules there will be an 18 month period between sale of a previous main residence and purchase of a new main residence for the purpose of determining whether the higher rates apply.

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