PBR 2007 and SDLT

The PBR contained four announcements relating to SDLT. The first announcement (in PBRN 21) was that legislation will be introduced in Finance Bill 2008 to alter the rules for individuals notifying HMRC about residential and non-residential property so that where the total consideration is below £40 000 it will no longer be necessary to file an SDLT1 in respect of the transaction. Leases will still have to be notified where the lease is for a term of seven years or more and the consideration is more than £40 000 and the annual rent is more than £1 000. It is not clear from the terms of the press release whether a lease...