Blick Rothenberg
2 Experts
3 Contributions by Blick Rothenberg Experts
Q&As
Condition C
Where the buyer is a private person, one requirement of the increased rates (Condition C) is that, by the close of the completion day for their transaction, they hold a ‘major interest’ in a residence other than the one acquired. In some situations, this test is satisfied despite the buyer not holding any such interest at all...
Tax
Q&As
Broadly, varying a (stamp duty) lease constitutes a stamp duty land tax (SDLT) transaction. This is because the transaction’s effective date falls after the SDLT start date of 1 December 2003, and it is not undertaken under a contract concluded before 10 July 2003, the date on which the Finance Bill 2003 received Royal Assent. The fact that the lease being amended was granted prior to the implementation date does not alter this position...
Tax
Q&As
Mary Ashley of 15 Old Square
Higher SDLT rates apply where an individual buys a major interest in a single dwelling if conditions A–D are met at day‑end:
A — consideration of £40,000 or more
B — not subject to a lease with over 21 years unexpired
C — purchaser owns another £40,000+ dwelling not so leased
D — does not replace the only or main residence
Dwelling includes a building or part used, suitable or being built/adapted as one dwelling, its gardens, grounds and benefiting land, and off‑plan contracts. Mixed‑use is excluded; no apportionment. As this freehold includes residential and non‑residential parts, it is mixed‑use, so the 3% surcharge should not arise.
Sean Randall of Blick Rothenberg Limited
The 3% applies to “higher rates transactions” in FA 2003, Sch 4ZA, paras 3–7, each requiring the main
Tax
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