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SDLT higher rates: exceptional circumstances

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Higher rates of stamp duty land tax (SDLT) apply on purchases of second residential properties (worth £40,000 or more), where the original home has not been sold. Taxpayers can, however, apply for a refund of the higher element of SDLT on a transaction, where they sell or give away their previous main home within three years of buying the new property.

Taxpayers may also be able to apply for a refund outside of the three-year period where there are ‘exceptional circumstances’. HMRC’s updated guidance Higher rates of stamp duty land tax confirms that ‘exceptional circumstances’ include an extended delay in selling, outside the control of the taxpayer, due to the impact of coronavirus or an action taken by a public authority preventing the sale.

Issue: 1491
Categories: News