The 3% surcharge above the standard SDLT (residential) rates applies from 1 April 2016 to purchases of certain additional residential properties by individuals (not replacing their main residence), where the consideration is £40,000 or more. Purchases by companies and trusts are also within the scope of the higher rates. Application of the higher rates is subject to transitional provisions.
|A calculator is available on the gov.uk website which you can use to calculate the amount of SDLT due on purchases of additional residential properties:
The table below sets out the higher SDLT rates on residential property taking account of the new higher rates as applicable to each slice of the purchase price.
If you are still unsure of any of the new changes, call us here ar Clearhaven and we will be happy to assist you.