Valid from 17/07/2012
(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 consideration is more than £1,000,000 to be chargeable at 5%) substitute—
| “More than £1,000,000 but not more than £2,000,000 | 5% |
| More than £2,000,000 | 7%”. |
(2)The amendment made by this section has effect in relation to any land transaction of which the effective date is on or after 22 March 2012.
(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 22 March 2012, 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 22 March 2012 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 22 March 2012,
(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.