Heralded as part of the government’s drive to encourage home ownership, 3% higher rates of SDLT were introduced with effect from 1 April 2016 for certain residential property purchases. The rules can apply to individuals who own at least one other residential property at the end of the date of the transaction (unless the new property is a replacement of the purchaser’s ‘only or main residence’), and they will also apply to most company purchases, as well as to some trust purchases.
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