Statutory Instruments
2008 No. 2339
Stamp Duty Land Tax
The Stamp Duty Land Tax (Exemption of Certain Acquisitions of Residential Property) Regulations 2008
Made
2nd September 2008
Laid before the House of Commons
2nd September 2008
Coming into force
3rd September 2008
The Treasury make the following Regulations in exercise of the power conferred by paragraph 5 of Schedule 3 to the Finance Act 2003( 1 ).
Citation, commencement and effect
1. —(1) These Regulations may be cited as the Stamp Duty Land Tax (Exemption of Certain Acquisitions of Residential Property) Regulations 2008 and shall come into force on 3rd September 2008.
(2) These Regulations shall have effect in relation to transactions with an effective date—
(a) on or after 3rd September 2008, and
(b) before 3rd September 2009.
Interpretation
2. In these Regulations expressions which are used in Part 4 of the Finance Act 2003 have the same meaning as in that Part.
Exemption for acquisitions of residential property at not more than £175,000
3. —(1) A land transaction is exempt from the charge to stamp duty land tax if—
(a) it is a relevant acquisition of land which consists entirely of residential property, and
(b) the relevant chargeable consideration for the transaction is not more than £175,000.
(2) In paragraph (1)(a) a “relevant acquisition of land” means an acquisition of a major interest in land other than—
(a) the grant of a lease for a term of less than 21 years, or
(b) the assignment of a lease which has less than 21 years to run.
(3) In paragraph (1)(b) the “relevant chargeable consideration for the transaction” means—
(a) the chargeable consideration for the transaction, or
(b) where the transaction is one of a number of linked transactions, the total of the chargeable consideration for all those transactions.
Steve McCabe
Alan Campbell
Two of the Lords Commissioners of Her Majesty’s Treasury
2nd September 2008