Part 1Charges, rates etc
Stamp duty land tax
7Rate in respect of residential property where consideration over £1m
1
In section 55(2) of FA 2003 (amount of SDLT chargeable), in Table A (bands and percentages for residential property), for the final entry (cases where relevant consideration is more than £500,000 to be chargeable at 4%) substitute—
More than £500,000 but not more than £1,000,000
4%
More than £1,000,000
5%
2
The amendment made by subsection (1) has effect in relation to any land transaction of which the effective date is on or after 6 April 2011.
3
But that amendment does not have effect in relation to any transaction—
a
effected in pursuance of a contract entered into and substantially performed before 25 March 2010, or
b
effected in pursuance of a contract entered into before that date and not excluded by subsection (4).
4
A transaction effected in pursuance of a contract entered into before 25 March 2010 is excluded by this subsection if—
a
there is any variation of the contract, or assignment (or assignation) of rights under the contract, on or after 25 March 2010,
b
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
c
on or after that date there is an assignment (or assignation), subsale 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.