[SDLTM30030] Introduction of the 5 percent rate for residential property
This rate applies for transactions where the effective date is on or after 6 April 2011. It is added to Table A within S55(2)/FA03. If the transaction completes an unamended contract made before 25 March 2010, or was substantially performed before 6 April 2011, then the previous 4% rate will apply.
FA03/S116 sets out the statutory definition of residential property for SDLT purposes. Residential property is (FA03/S116(1)(a)) a building or (FA03/S116(6)) part of a building that, at the date of the relevant transaction, is one of the following:
•used as a dwelling
•suitable for use as a dwelling
•in the process of being constructed or adapted for such use