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2012 UK Budget Changes to Stamp Duty

22 March 2012

The UK government unveiled the 2012 budget yesterday with George Osborne, the Chancellor of the Exchequer, including a number of new measures affecting the purchase and sale of higher value or “prime” properties.The first measure is the introduction of a new Stamp Duty Land Tax (SDLT) rate of 7% for the purchase of residential properties over £2 million, applicable from today (22ND March). Prior to this announcement, homes of £1 million and above were subject to SDLT at 5%, with no upper limit.Secondly, the government aims to tackle the “enveloping” of properties into offshore companies, thus avoiding SDLT, by introducing...

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