SDLT - higher rates for additional dwellings: Individuals – summary of Conditions
The higher rates will apply to the purchase of a major interest in a single dwelling by an individual, if at the end of the day of purchase Conditions A to D are met [Para 3(1)]:
- Condition A - the chargeable consideration is £40,000 or more;
- Condition B - the dwelling is not subject to a lease which has more than 21 years to run on the date of purchase;
- Condition C - the purchaser owns a major interest in another dwelling which has a market value of £40,000 or more and is not subject to a lease which has more than 21 years to run at the date of purchase of the new dwelling; and
- Condition D - the dwelling being purchased is not replacing the purchaser’s only or main residence.
If any of Conditions A to D are not met the higher rates will not apply to the purchase.
`Para` references are to paragraphs in Schedule 4ZA of the Finance Act 2003.