a. a first-time buyer or individual without a second home anywhere in the world;
b. a “non-natural person” (such as, a company or partnership) or an individual with a second home – these are “higher rates transactions” where a 3% SDLT surcharge may arise; or
c. a non-natural person where the consideration is more than £500,000 and an exclusion (such as, in relation to qualifying property rental businesses) does not apply – in these cases, a flat rate of15% SDLTarises on the consideration.
a. no SDLT on first £500,000 of consideration, saving up to £10,000 SDLT (for first time buyers) or £15,000 for others;
b. 3% SDLT on first £500,000 of consideration, saving up to £15,000 SDLT (which would otherwise have been £30,000 on £500,000); and
c. no SDLT saving, as the flat rate of 15% SDLT applies where the consideration is over £500,000
This £15,000 saving would be a substantial reduction in SDLT for many buyers of UK residential property.