Sarah Bradford outlines the relief from the stamp duty land tax supplement where a property is purchased to replace the main residence.
Stamp duty land tax (SDLT) applies on the purchase of property in England and Northern Ireland. SDLT does not apply to property purchases in Scotland and Wales – instead, land and buildings transaction tax (LBTT) applies in Scotland, and land transaction tax (LTT) applies in Wales.
It applies both to the purchase of freehold and leasehold properties. Where the property is a leasehold property, it applies to the purchase price of the lease (the lease premium).
An SDLT return must be filed and the SDLT paid within 14 days of the ‘effective’ transaction date. This is normally the completion date.
Residential rates
As far as residential property is concerned, where the purchaser will only have a
