SDLTM09725 - Scope: when is Stamp Duty Land Tax (SDLT) chargeable: higher rate charge for acquisitions of residential property by certain non-natural persons FA03/S55/SCH4A:
Transitional provisions - reduction of higher rate threshold from 拢2 million to 拢500,000 FA14/S111
The 拢2 million threshold is retained for transactions where a contract was entered into and substantially performed before 20 March 2014, or in any other case where a contract was entered into before that date unless
- there is any variation of the contract, or assignment (or, in Scotland, assignation) of rights under the contract, on or after 20 March 2014,
- the transaction is effected in consequence of the exercise on or after that date of any option, right of pre-emption or similar right, or
- on or after that date there is an assignment (assignation), sub-sale or other transaction relating to the whole or part of the subject-matter of the contract, as a result of which a person other than the purchaser under the contract becomes entitled to call for a conveyance.
A deemed land transaction under FA03/SCH15/PARA17(2)/17A(4) (transfer of a partnership interest or withdrawal of money from the partnership following an acquisition by the partnership) remains subject to the 拢2 million threshold if the effective date of the acquisition by the partnership was before 20 March 2014.