The Autumn Statement, presented by the Chancellor on 25 November 2015, included some significant announcements on SDLT on which we commented previously.
This was followed by the publication of a consultation document detailing proposals for the introduction of the 3% SDLT surcharge on purchases of additional residential properties. That consultation ended on 1 February 2016 and, included in the documents released following the budget presentation yesterday, were draft legislation for the additional 3% rate together with detailed guidance on how the additional rate will apply. The Chancellor also announced a radical reform of the structure, rates and thresholds for purchases of non-residential (which for this purpose generally includes mixed use) properties and for charging SDLT on rent payable in respect of non-residential (including mixed use) properties. The changes to the SDLT charges for non-residential land transactions apply where the transaction has an effective date on or after 17 March 2016 (subject to transitional rules).
