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stamp duty land tax in the 2012 Budget

22 March 2012

The Chancellor has kept to his word in looking to tackle stamp duty land tax (SDLT) avoidance, and to raise revenues from residential property over £2 million.

Instead of a “mansion tax” levied on occupancy of a property worth over £2 million, for now the Chancellor has introduced a new higher rate of 7% SDLT on purchases of residential property over £2 million, to take effect from 22 March 2012.

In a move to tackle SDLT avoidance by holding property in companies, a new 15% SDLT charge is being introduced with immediate effect where a residential property of over £2 million is purchased by “non-natural persons such as companies”. He’s reserved his position on a possible future annual charge on residential properties over £2 million held in this way.

The government will also bring in legislation to close down future SDLT avoidance schemes, with immediate effect.

The overall message is clear, that the government’s patience with SDLT avoidance is running out.

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