BUDGET 2016: The government has announced it would apply higher Stamp Duty Land Tax rates equally to all purchasers without an exemption for significant investors in the results of a public consultation.
A decision was also made to increase the time for purchasers with multiple properties who dispose of a main residence to buy a new residence before higher SDLT rates are applicable from 18 to 36 months.
It also decided that when applying the higher rates, a 50% or less share in a single property which has been inherited within the 36 months prior to the transaction will not be considered as an additional property, to provide flexibility for purchasers who may find it difficult to quickly dispose of the share.
In addition married couples who are living separately in circumstances that are likely to become permanent will not be treated as one unit.
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