Budget Announcements relevant to SDLT

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).