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Residential Property

Farewell to Multiple Dwelling Relief

Friday, March 8, 2024

What is it?

Multiple Dwelling Relief is a relief from Stamp Duty Land Tax for purchasers buying more than one dwelling in a single transaction or linked transactions. Stamp Duty Land Tax is calculated on the average value rather than the aggregate value.

What’s changing?

The Chancellor announced yesterday that this form of relief is to be abolished.

When is it changing?

Transactions with an effective date on or after 1st June 2024 will no longer be able to claim the relief.

There is an exception. If contracts were exchange on or before 6th March 2024 with a completion date after 1st June 2024, Multiple Dwelling Relief can still be applied in these circumstances.

How might it affect you?

Purchasers of individual dwellings are unlikely to be affected by this change.

Purchasers of more than one dwelling in a single or linked transaction will no longer be able to claim the relief which could mean paying more Stamp Duty Land Tax. Consideration should be given to the amount of tax payable at the outset of a transaction to ensure affordability.

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Important notice

We have been informed that emails have been sent misusing the name of Samuel Phillips Law.

The emails were sent from the domain @samuelphilips.co.uk. The emails ask the recipients to transfer funds in relation to conveyancing matters to a bank account which is not associated with Samuel Phillips Law, the genuine firm.

Any business or transactions through the domain ‘@samuelphilips.co.uk’ is not undertaken by an individual or firm of solicitors authorised and regulated by the SRA.

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