March 6, 2024
Budget 2024 - Stamp Duty - Multiple Dwelling Relief
Today's budget announced a change to Stamp Duty Land Tax. To be clear, this applies only to England /Wales and does not affect Scotland.
Jeremy Hunt announced that Multiple Dwelling Relief will be abolished in today's budget. If you are not familiar with it, MDR was intended to support investment in the residential sector. The issue is that it's not being used as intended.
It was intended for investment in residential property and the private rental sector.
Ultimately, what was really happening was that people were purchasing multiple properties at the same time to save on Stamp Duty but then only used the properties for personal use.
Anyone buying multiple properties paid less Stamp Duty than if they purchased them individually. From March 6, 2024, stamp duty will be paid on each property as if it were being purchased individually.
To be clear, this is not the case in Scotland, England only. There is still Multiple Dwelling Reliefs available in Scotland.
Lee Wisener CeMAP, CeRER, CeFAP, CSME
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