SDLT for a tenant

SDLT for a tenant

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I have a client who will be renting a residential property from 1st December on two year lease at £6500 per month. He has been informed by either his solicitors or the letting agents that as the total payments over the lease will be £156,000 and because the total rental is over £125,000 there would be 1% SDLT due on £31,000. Can find very little information regarding the charge and nothing on HMRC's help pages and when I called HMRC SDLT office the person I spoke to would only tell me to use their online calculator which shows no SDLT due as under the £250,000 threshold. Therefore I would like to clarify that the threshold is £250K and the advice he is receiving is based on the old rate...unless I am missing something!! 

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By taxdigital
28th Nov 2023 20:00

So long as the NPV of the rent payable is no more than £250,000 and the transaction takes place no later than 31 March 2025 no SDLT should apply.

https://www.legislation.gov.uk/ukpga/2023/2/enacted

May be the solicitor is looking at the original legislation - Para 2(3) Sch 5, FA 2003.

https://www.legislation.gov.uk/ukpga/2003/14/schedule/5

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