TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

Guidance on 5% Stamp Duty Land Tax Rate

HMRC published guidance for stamp duty land tax (SDLT) transactions where the chargeable consideration on residential properties exceeds £1 million.

Finance Act 2010 introduced a new 5% per cent rate of SDLT for residential property transactions where the chargeable consideration exceeds £1 million. The new rate applies to transactions where the effective date is on or after 6 April 2011.

The existing 4% rate will still apply to residential property transactions where the consideration is more than £500,000 and up to £1 million. Transitional arrangements apply to transactions where a contract was entered into before 25 March 2010 (the Budget day on which the 5% rate was announced) but is not completed before 6 April 2011. In most such cases the new rate will not apply. Non-residential and mixed use transactions are not affected.

For more information go to http://www.hmrc.gov.uk/sdlt/sdlt-restrans-1mill.htm