Stamp duty land tax traps

Many conveyancers and tax practitioners may suspect that stamp duty land tax (SDLT) provisions have become increasingly complex since their introduction in 2003. They are right as can be seen from the developments in A brief history of SDLT. That chart summarises the story of SDLT thus far – and no doubt will need to be added to as a result of future budgets.

It seems that each year’s budget brings with it a new announcement including new rates and thresholds depending on the type of property and the purchaser’s specific circumstances. One trend that cannot be missed is the government’s continued focus on residential property. In most cases this has been costly for some taxpayers as evidenced by the 15% super rate for high value properties the 3% higher rates for the purchase of additional properties and dwellings bought by companies...