Elsewhere in the Budget, it was announced that Stamp Duty Land Tax (SDLT) Multiple Dwellings Relief (MDR) will be abolished from 1 June 2024, in England and Northern Ireland.
MDR reduces the SDLT cost of buying two or more dwellings in the same or a linked transaction. It will not be available for any future purchases that complete on or after 1st June 2024.
Purchasers who exchanged contracts on or before 6 March 2024 remain eligible for MDR regardless of when the transaction completes – provided that there is no variation of the exchanged contract after 6 March.
It remains to be seen whether the Welsh and Scottish Governments will follow suit in relation to similar reliefs that apply in respect of Welsh Land Transaction Tax (LTT) and Scottish Land and Buildings Transaction Tax (LBTT).
Tax treatment varies according to individual circumstances and is subject to change
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