£175,000 SDLT exemption: implementing regulations made | Practical Law
On 2 September 2008, two sets of regulations were made implementing the new temporary stamp duty land tax exemption for transactions in residential property up to £175,000. As a result, it is now clear that, contrary to HMRC guidance published on 2 September, a land transaction return is not required for all transactions which qualify for the £175,000 exemption: where the consideration is (broadly) below £40,000, no land transaction return is required. The regulations also clarify some aspects of the exemption but some uncertainties remain, particularly in relation to the grant of a lease.