Multiple Dwelling Stamp Duty Relief

Multiple Dwelling Stamp Duty Relief

Spring Budget 2024 – Stamp Duty

From 1 June 2024, the government is abolishing Multiple Dwellings Relief, a bulk purchase relief in the Stamp Duty Land Tax regime. This follows an external evaluation which showed no strong evidence the relief is meeting its original objectives of supporting investment in the private rented sector. Property transactions with contracts that were exchanged on or before 6 March 2024 will continue to benefit from the relief regardless of when they complete, as will any other purchases that are completed before 1 June 2024.

Don’t be confused between additional property high rates on Stamp Duty and Multiple Dwelling Relief.

What is a Multiple Dwelling Relief?

Multiple Dwellings Relief can be claimed to reduce the Stamp Duty Land Tax payable when purchasing two or more dwellings in a single transaction or linked transactions. When claiming Multiple Dwellings Relief, the size and value of the dwellings does not matter and can also applies to purchases that include non-residential property.

The 3% surplus for second home owners will still apply.

If you have any queries on purchasing a residential or commercial property and would like to speak with a specialist conveyancer or commercial lawyer to advise you of the amounts due please do not hesitate to contact our Residential or Commercial Property teams at Kerseys Solicitors in Ipswich 01473 213311, Kerseys Solicitors in Felixstowe on 01394 834557 or Kerseys Solicitors in Colchester 01206 584584,  or email us at [email protected].

Kerseys Solicitors are just a click away visit our website and click “Call Me Back” and a member of our team will be happy to contact you at a time that is convenient to you.