5.2.1 Introduction

The purchase of an FHL property in England and Northern Ireland for more than £40,000 is subject to SDLT. Land situated in Wales is subject to land transaction tax (LTT) and in Scotland to land and buildings transaction tax (LBTT). The minimum rate, in the absence of a relief, is likely to be 3% as, by definition, the property being purchased will not be the individual’s main residence. The SDLT cost on acquisition is therefore very significant and, by increasing the cost of acquisition, it reduces the return on investment.

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