SDLT : 5% Residential : 6 April 2011
A reminder that land transactions in respect of residential property with both an effective date on or after 6 April 2011 and chargeable consideration of more than £1m, will attract a 5% SDLT rate.
There is a very narrow exemptions for transactions effected in pursuance of 25 March 2010 transactions.
Several planning points arise:
Check if you have a pre-25 March 2010 contract; Most obviously bring forward your effective date. The effective date is the earlier of the point of completion or "substantial performance" i.e. the point at which a party either enters occupation of a property or pays over a substantial amount of the consideration. There is a useful exemption from the definition of residential which may typically be used by investors (developers); Section 116(7) FA which states that the land will not count as residential property where "six or more dwellings are the subject of one transaction involving a major interest in or grant of lease over them". Any such property will thus fall within the lower non-residential SDLT band; Very importantly the rate change only applies to pure (100%) residential, ie. not to commercial and not to mixed sites, eg. A block comprising say 3 ASTs and a shop on the ground floor in Kensington, where the main value might well be in the residential flats, will, after 6 April 2011, continue to attract a 4% rate. Do note that we have found no evidence of any anti-avoidance legislation currently in place. However, there is the scope for the...
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