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.
Introduction Details of the Section