From 6 April 2011, the rate of SDLT payable on residential property with a purchase price of more than £1m will increase from 4% to 5%.

The increased rate will apply to transactions by reference to the completion of the sale, and not the date the contract is entered into. Therefore, a contract entered into now for a £1m plus residential property, but not completed until after 6 April 2011, will attract a rate of 5% not 4%.

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