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HMRC internal manual

Stamp Duty Land Tax Manual

Scope: when is Stamp Duty Land Tax (SDLT) chargeable: higher rate charge for acquisitions of residential property by certain non-natural persons FA03/S55/SCH4A: transitional provisions - introduction of higher rate charge FA12/SCH35/PARA10

The 15 per cent higher rate charge does not apply to transactions where a contract was entered into and substantially performed before 21 March 2012, or in any other case where a contract was entered into before that date unless

  • there is any variation of the contract, or assignment (or, in Scotland, assignation) of rights under the contract, on or after 21 March 2012,
  • the transaction is effected in consequence of the exercise on or after that date of any option, right of pre-emption or similar right, or
  • on or after that date there is an assignment (assignation), sub-sale or other transaction relating to the whole or part of the subject-matter of the contract, as a result of which a person other than the purchaser under the contract becomes entitled to call for a conveyance.

A deemed land transaction under FA03/SCH15/PARA17(2)/17A(4) (transfer of a partnership interest or withdrawal of money from the partnership following an acquisition by the partnership) is not subject to the 15 per cent rate if the effective date of the acquisition by the partnership was before 21 March 2012.