SolvedSection 50 | Increased rates for additional dwellings: transactions before 1 April 2025
From legislation.gov.uk
(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—
| 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).