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Stamp Duty Land Tax Act 2015

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1Change in method of calculating tax on residential property transactionsE+W+S+N.I.

This section has no associated Explanatory Notes

(1)Section 55 of the Finance Act 2003 (general rules on calculating the amount of stamp duty land tax chargeable) is amended as follows.

(2)In subsection (1) for “a percentage of the chargeable consideration for the transaction” substitute “ determined in accordance with subsections (1B), (1C) and (2) ”.

(3)After subsection (1A) insert—

(1B)If the relevant land consists entirely of residential property and the transaction is not one of a number of linked transactions, the amount of tax chargeable is determined as follows—

  • Step 1 Apply the rates specified in the second column of Table A below to the parts of the relevant consideration specified in the first column of that Table.

  • Step 2 Add together the amounts calculated at Step 1 (if there are two or more such amounts).

    TABLE A: RESIDENTIAL

    Part of relevant considerationRate
    So much as does not exceed £125,0000%
    So much as exceeds £125,000 but does not exceed £250,0002%
    So much as exceeds £250,000 but does not exceed £925,0005%
    So much as exceeds £925,000 but does not exceed £1,500,00010%
    The remainder (if any)12%

(1C)If the relevant land consists entirely of residential property and the transaction is one of a number of linked transactions, the amount of tax chargeable in respect of the particular transaction under consideration is determined as follows—

  • Step 1 Apply the rates specified in the second column of Table A in subsection (1B) to the parts of the relevant consideration specified in the first column of that Table.

  • Step 2 Add together the amounts calculated at Step 1 (if there are two or more such amounts).

  • Step 3 Multiply the amount given by Step 1 or Step 2, as the case may be, by—

    where—

    C is the chargeable consideration for the transaction, and

    R is the relevant consideration.

(4)In subsection (2) for the words from the beginning of that subsection to the end of Table A substitute—

If the relevant land consists of or includes land that is not residential property, the amount of tax chargeable is the percentage of the chargeable consideration for the transaction determined in accordance with Table B below by reference to the amount of the relevant consideration.

(5)In subsection (3) for “subsection (2)” substitute “ subsections (1B) and (2) ”.

(6)In subsection (4) at the beginning insert “ For the purposes of subsections (1C) and (2), ”.

(7)Omit subsection (7).

(8)The Schedule, which makes amendments consequential on the amendments made by this section, has effect.

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