HMRC has published new guidance on the stamp duty land tax (SDLT) 2% surcharge which will apply from 1 April 2021 in relation to non-resident purchasers of residential property in England and Northern Ireland. The surcharge applies on top of all other residential rates of SDLT including the 3% higher-rate surcharge, and applies to purchases of both freehold and leasehold property, as well as increasing the SDLT payable on rents on the grant of a new lease.
The surcharge applies to all non-resident transactions of major interests in land, even if the individual intends to live in the property they are buying, and regardless of whether they already own a residential property. The new regime introduces new concepts of non-residence specifically for SDLT purposes which are explained in the new guidance.
HMRC has published new guidance on the stamp duty land tax (SDLT) 2% surcharge which will apply from 1 April 2021 in relation to non-resident purchasers of residential property in England and Northern Ireland. The surcharge applies on top of all other residential rates of SDLT including the 3% higher-rate surcharge, and applies to purchases of both freehold and leasehold property, as well as increasing the SDLT payable on rents on the grant of a new lease.
The surcharge applies to all non-resident transactions of major interests in land, even if the individual intends to live in the property they are buying, and regardless of whether they already own a residential property. The new regime introduces new concepts of non-residence specifically for SDLT purposes which are explained in the new guidance.
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