Abolition of Multiple Dwellings Relief

24 June 2024

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).

🚨 Data accurate as of the date of publication – 24.06.2024

🚨Tax treatment varies according to individual circumstances and is subject to change. Advice on Capital Gains Tax

and Taxation Advice is not regulated by the Financial Conduct. Some buy to lets are not regulated by the Financial

Conduct Authority.

🚨Information within this blog is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed.

🚨Think carefully before securing debts against your home.  Your home may be repossessed if you do not keep up repayments on your mortgage.

🚨 The above material is for informational purposes only and does not constitute a sales offer or financial advice. Before taking out any insurance, credit agreement or other financial product, you should obtain individual advice on your requirements and the general terms of the contract.

 

Source: Quilter Financial Planning – Essentially Mortgages Q2 2024

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