HMRC confirms exclusions from new 15% SDLT charge

Budget 2012 announced a new higher 15 per cent rate of SDLT for residential property transactions by certain ‘non-natural persons'.

A posting on the ‘What’s New’ section of HMRC’s website on 23 March has provided some clarification of the meaning of ‘non-natural person', as follows:

“…broadly companies, collective investment schemes and partnerships with a member who is a company or a collective investment scheme…”

Two exclusions from the 15% charge are also confirmed:

“…for companies acting in its capacity as trustee of a settlement and for bona fide property developers who meet the qualifying conditions.”

Further clarification will no doubt follow with the publication of the Finance Bill, due on 29 March.

For further information please call the TaxDesk on 0845 4900 509 and ask for Ian Maston.