SDLT – Transfers of multiple dwellings
Published on 13/09/2011
In the 2011 Budget, the Chancellor announced details of a new SDLT relief which will benefit purchasers of residential property who acquire more than one dwelling. The new relief applies to qualifying transactions where the effective date is on or after 19 July 2011 the date of Royal Assent to the Finance Bill 2011.
Where the relief is claimed, the rate of SDLT will be determined by the mean consideration for the dwellings (i.e. to pay SDLT by reference to the appropriate SDLT rate applicable to the average value and not the aggregate value). The relief is subject to a minimum SDLT rate of 1%.
In most cases this should result in a substantial SDLT saving in line with the Government's intended aim of strengthening demand for and reducing a barrier to the investment in residential property.