The UK government has tabled amendments to the Stamp Duty Land Tax (Reduction) Bill to place the increases to the residential nil-rate thresholds, initially announced in Growth Plan 2022 (and which took effect from 23 September 2022), on a temporary footing.
The amendments, which are expected to be considered at Committee Stage (the date for which has yet to be announced) will have the following effect:
the announced increases to the residential nil-rate thresholds will apply for the ‘temporary relief period’ only (i.e. the period beginning on 23 September 2022 and ending on 31 March 2025);
transitional relief will apply for land transactions which are substantially performed in the ‘temporary relief period’ but completed after that period; and
the short title will be changed to ‘Stamp Duty Land Tax (Temporary Relief) Act 2022’.
The UK government has tabled amendments to the Stamp Duty Land Tax (Reduction) Bill to place the increases to the residential nil-rate thresholds, initially announced in Growth Plan 2022 (and which took effect from 23 September 2022), on a temporary footing.
The amendments, which are expected to be considered at Committee Stage (the date for which has yet to be announced) will have the following effect:
the announced increases to the residential nil-rate thresholds will apply for the ‘temporary relief period’ only (i.e. the period beginning on 23 September 2022 and ending on 31 March 2025);
transitional relief will apply for land transactions which are substantially performed in the ‘temporary relief period’ but completed after that period; and
the short title will be changed to ‘Stamp Duty Land Tax (Temporary Relief) Act 2022’.
