The SDLT measures relate mostly to high value residential property but also target avoidance using sub-sale relief. The new 7% rate for residential property over £2m is supplemented by a punitive regime where residences above this value are owned by companies and other non-natural persons. The practice is discouraged by means of a 15% entry charge, an annual charge of up to 0.7% of value, and a CGT charge on exit. The alternative of a look-through charge on trading companies has been discarded. Mass-marketed sub-sale avoidance schemes have been blocked and there will be a consultation on sub-sale relief generally.
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