When is Stamp Duty Land Tax payable?
Stamp Duty Land Tax (SDLT) applies to most land and property transactions on or after 1 December 2003, involving any estate, interest, right or power over land in the UK. SDLT applies to • completions of transfers of freehold property (changes of ownership in Scotland) and assignments (assignations in Scotland) of leases • grants of leases (including exchanges of missives of let which are not to be completed by the grant of a formal lease in Scotland) • contracts for land transactions which are ‘substantially performed’ before completion • transfers of rights under such contracts, and • options and rights or pre-exemption in respect of land transactions. There are a number of exclusions, such as • mortgages and similar securities interests • licences to use or occupy land, and • transactions for no chargeable consideration.
