Consultation on Higher Rates of SDLT on purchases of additional residential properties – An Update

On 1 February 2016, Rooks Rider Solicitors’ submitted our response to a recent consultation document issued by HM Customs & Excise on Higher Rates of Stamp Duty Land Tax (SDLT) on purchases of additional residential properties published 28 December 2015.

A summary of the consultation responses has now been published by HM Treasury and can be found here: “Higher rates of SDLT on purchases of additional residential properties: Summary of consultation responses.”

During the consultation, Government officials met with a large number of stakeholders, industry professionals and representative bodies. These stakeholders provided valuable input into the development of the final policy design. The views expressed at these meetings have been incorporated into this summary of responses. We are delighted that our response has been considered and that Rooks Rider Solicitors has been mentioned within the summary documentation.

The document covers each question posed in the consultation, notes the main themes expressed by respondents when replying, and the Government’s response. It also sets out the key changes the Government is making on the basis of the consultation, along with an explanation for each of these.

In brief, the significant points are as follows:

1)     An extension of the 18 month time limit to 36 months for individuals moving home to seek a refund; and

2)     The removal of preferential treatment for large scale investors – It does not make reference to specific reliefs, but presumably multiple dwellings relief and the application of commercial rates to the purchase of six or more properties will still continue.

For further information, please contact Robert Drysdale of our Wealth Planning team.

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