Introduction Details of the Section
2.Subsection (1) provides that, in relation to transactions with an effective date on or after 22 April 2009 and before 1 January 2010, Part 4 of FA 2003 has effect as if references in the tables of that Part to £125,000 were replaced by £175,000. This means that the starting threshold for SDLT for transactions with an effective date within this period is £175,000.
3.Subsection (2) revokes two sets of regulations that were introduced in September 2008.
4.Subsection (2)(a) revokes the Stamp Duty Land Tax (Variation of Part 4 of the Finance Act 2003) Regulations 2008 (S.I. 2008/2338). These Regulations varied the requirements for notification of land transactions so that any transactions which are exempt from SDLT as a result of Regulations made under paragraph 5 of Schedule 3 to Finance Act 2003, have to be notified to HMRC.
5.Subsection (2)(b) revokes the Stamp Duty Land Tax (Exemption of certain Acquisitions of Residential Property) Regulations 2008 (S.I. 2008/2339). These Regulations exempted from SDLT acquisitions of residential property of not more than £175,000 between 3 September 2008 and 2 September 2009 inclusive.
6.Subsection (3) provides that the revocations made by subsection (2) have effect in relation to transactions with an effective date on or after 22 April 2009.