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Reduced rates of Stamp Duty Land Tax (SDLT) will apply for purchases of residential properties with an effective date of transaction falling in the periods 8 July 2020 until 30 June 2021 and from 1 July 2021 to 30 September 2021 inclusive.

From 1 April 2021 to 30 September 2021, where a chargeable transaction is identified as a non-resident transaction, a 2% surcharge will be added to the temporary reduced rates.

On 1 October 2021 the temporary rates of SDLT will revert back to the standard rates that were in place prior to 8 July 2020.

More details can be found here.

Example 1

Genevieve purchases a freehold residential property in England on 1 May 2021 for 拢450,000. Genevieve does not already own another property, so the higher rates on additional dwellings do not apply to her.

Genevieve is classed as non-UK resident under the test set out at paragraph 4 of Schedule 9A to FA03, and the surcharge applies. As the SDLT temporary reduced rates are in force, her SDLT liability is calculated as follows:

• 2% up to 拢450,000 = 拢9,000 (0% temporary reduced rate + 2% non-resident surcharge)

Genevieve鈥檚 total SDLT liability is therefore 拢9,000.

Example 2

Cortez purchases a new 99 year lease on a flat in Northern Ireland on 31 August 2021 for a premium of 拢250,000 and rent of 拢1,200 per annum. Cortez already owns another property and is not replacing his main residence, so the higher rates of additional dwellings will apply.

Cortez is classed as non-UK resident according to the test set out at paragraph 4 of Schedule 9A to FA03, and the surcharge applies. As the SDLT temporary reduced rates are in force, his SDLT liability is calculated as follows:

Premium

• 5% of 拢250,000 = 拢12,500 (3% higher rates for additional dwellings +2% non-resident surcharge)

Rent

• 2% of 拢33,147 = 拢662 (0% temporary reduced rate + 2% non-resident surcharge)

Cortez鈥檚 total SDLT liability is therefore 拢13,162.