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Legal News | 11.03.24

Multiple Dwellings Relief Abolition

Multiple Dwellings Relief Abolition - Residential Property - Wansbroughs LLP

The Chancellor of the Exchequer has announced that Multiple Dwellings Relief (MDR) will be abolished from 1 June 2024.

Multiple dwellings relief was introduced by HM Revenue & Customs to offset the amount of stamp duty tax paid when purchasing more than one ‘dwelling’ in one transaction.  MDR calculates the average value of the properties being purchased and applies stamp duty land tax to the average, as opposed to using the purchase price of each individual property or the total purchase price.  This can result in significant SDLT savings for some property purchases.

MDR can be claimed through your solicitor at the time of the property purchase. There is still a window of opportunity for individuals wanting to claim MDR before 1 June 2024. If you would like to know more information about MDR or have any other queries, please contact our Residential Property team at property@wansbroughs.com | 01380 733367.

 

Posted By Our Residential Property Team