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FB 2013: SDLT relief from 15% rate

The proposed changes to FA 2003 Sch 4A announced in the Autumn Statement should be received favourably by those carrying on genuine property businesses and were affected by the 15% rate of SDLT. However their delayed introduction is likely to mean that genuine business activity is put on hold until the reforms take effect.

The announcement of amendments to FA 2003 Sch 4A reflects HM Treasury's willingness to listen to the concerns raised during the consultation.

The result is draft legislation which introduces further reliefs to reduce the SDLT rate from 15% to 7% on high value residential property (being those valued in excess of £2m) acquired within certain corporate structures for property development and other genuine business activities.

The changes should in time address the key concern that the...

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