Part 3

Other taxes

Stamp duty land tax

Increased rates for additional dwellings: transactions before 1 April 2025
50
1
Section 1 of the Stamp Duty Land Tax (Temporary Relief) Act 2023 (which provides for reduced rates of stamp duty land tax for transactions before 1 April 2025) is amended as follows.
2
In subsection (3) (which deals with purchases of additional dwellings), for the Table A mentioned there substitute—
TABLE A: RESIDENTIAL
Part of relevant consideration | Percentage
So much as does not exceed £250,000 | 5%
So much as exceeds £250,000 but does not exceed £925,000 | 10%
So much as exceeds £925,000 but does not exceed £1,500,000 | 15%
The remainder (if any) | 17%
.
3
The amendment made by this section has effect in relation to land transactions the effective date of which falls on or after 31 October 2024 but before 1 April 2025.
4
But the amendment made by this section does not have effect in relation to a land transaction which—
a
is effected in pursuance of a contract entered into before 31 October 2024, and
b
is not excluded.
5
For this purpose a land transaction is excluded if—
a
there is any variation of the contract, or assignment of rights under the contract, on or after 31 October 2024,
b
the transaction is effected in consequence of the exercise on or after that date of any option, right of pre-emption or similar right, or
c
on or after that date, there is an assignment, subsale or other transaction relating to the whole or part of the subject-matter of the contract as a result of which a person other than the purchaser under the contract becomes entitled to call for a conveyance.
6
This section also needs to be read with section 52 (which deals with cases where a contract has been substantially performed before the change in rates made by this section etc).