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Stamp Duty Land Tax (Temporary Relief) Bill

[The Speaker of the House of Commons has certified this Bill as a Money Bill within the meaning of the Parliament Act 1911.]

EXPLANATORY NOTES

Explanatory notes to the Bill, prepared by HM Revenue & Customs, have been ordered to be published as HL Bill 85—EN.

Stamp Duty Land Tax (Temporary Relief) Bill
[As brought from the Commons]
CONTENTS
1 Reduction of SDLT on acquisition of residential property
2 Short title
[As brought from the Commons]

A

bill

to

Reduce, for a temporary period, the amount of stamp duty land tax chargeable on the acquisition of residential property.

B e it enacted by the King’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—

1 Reduction of SDLT on acquisition of residential property

(1)

This section makes modifications of Part 4 of the Finance Act 2003 in relation
to any land transaction the effective date of which falls in the period (“the
temporary relief period”)—

(a)

beginning with 23 September 2022, and

(b)

ending with 31 March 2025.

(2)

Section 55(1B) (amount of stamp duty land tax chargeable: general) has effect
as if for Table A there were substituted—


“TABLE A: RESIDENTIAL


Part of relevant consideration


Percentage


So much as does not exceed £250,000


0%


So much as exceeds £250,000 but does
not exceed £925,000


5%


So much as exceeds £925,000 but does
not exceed £1,500,000


10%


The remainder (if any)


12%”.

(3)

Schedule 4ZA (higher rates of stamp duty land tax for additional dwellings
etc) has effect as if for the Table A in section 55(1B) mentioned in paragraph
1(2) there were substituted—


“TABLE A: RESIDENTIAL


Part of relevant consideration


Percentage


So much as does not exceed £250,000


3%


So much as exceeds £250,000 but does
not exceed £925,000


8%


So much as exceeds £925,000 but does
not exceed £1,500,000


13%


The remainder (if any)


15%”.

(4)

Paragraph 2(3) of Schedule 5 (amount of SDLT chargeable in respect of rent)
has effect as if for Table A there were substituted—


“TABLE A: RESIDENTIAL


Rate bands


Percentage


£0 to £250,000


0%


Over £250,000


1%”.

(5)

Schedule 6ZA (relief for first-time buyers) has effect as if—

(a)

in paragraph 1(3), for “£500,000” there were substituted “£625,000”,
and

(b)

for the Table A in section 55(1B) mentioned in paragraph 4 there were
substituted—


“TABLE A: RESIDENTIAL


Part of relevant consideration


Percentage


So much as does not exceed
£425,000


0%


Any remainder (so far as not
exceeding £625,000)


5%”.

(6)

In a case where—

(a)

as a result of section 44(4) of the Finance Act 2003 the effective date
of a land transaction falls in the temporary relief period, and

(b)

the contract concerned is completed by a conveyance after that period
ends,


section 44(8) of that Act is not to apply in relation to that conveyance if the
sole reason that (but for this subsection) it would have applied is that the
modifications made by subsections (2) to (5) have no effect in relation to that
conveyance.

(7)

Section 44(10) of the Finance Act 2003 applies for the purposes of subsection
(6) .

2 Short title


This Act may be cited as the Stamp Duty Land Tax (Temporary Relief) Act
2023.

Stamp Duty Land Tax (Temporary Relief) Bill
[As brought from the Commons]

A

bill

to

Reduce, for a temporary period, the amount of stamp duty land tax chargeable on the acquisition of residential property.

Brought from the Commons on

Ordered to be Printed, .

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