Introduction Details of the Section
2.Subsection (1) amends Table A at section 55 of the Finance Act 2003 (residential property) to provide a higher rate of 5 per cent for transactions where the relevant consideration is more than £1 million.
3.Subsection (2) provides for commencement.
4.Subsections (3) and (4) are transitional provisions. They provide, subject to certain exclusions, that the new 5 per cent rate of SDLT will not apply to transactions where a contract was entered into before 25 March 2010.