66. Stamp Duty Land Tax (Rates: Residential Property Where Consideration Exceeds £2M)
10:28 pm
Resolved,
That—
(1) In section 55(2) of the Finance Act 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 Resolution has effect in relation to any land transaction of which the effective date is on or after
(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
(b) effected in pursuance of a contract entered into before that date and not excluded by paragraph (4).
(4) A transaction effected in pursuance of a contract entered into before
(a) there is any variation of the contract, or assignment (or assignation) of rights under the contract, on or after
(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.
And it is declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.