Budget 2012: SDLT Increases for £2m Properties

Taking a tough stance on property tax and related non-payment issues, the chancellor announced a number of measures to increase property taxes for the wealthiest purchasers and remove some of the tax loopholes used by wealthy residential property owners.

‘Fr om midnight tonight, we will introduce a new Stamp Duty Land Tax rate of 7% on properties worth more than £2m,’ he said. ‘I also intend to deal with the unlimited use of income tax reliefs. It can’t be right that some people take unlim ited use of these reliefs every year. I will introduce a new cap on those reliefs.

‘From next year anyone seeking to claim more than £50,000 of these reliefs in any one year will have a cap set at 25% of their income. We’ve capped benefits. Now it is right to cap tax reliefs too.