Where an individual sells their home and buys a new home, they will not be subject to the higher rates of stamp duty land tax on the basis that the new dwelling is a replacement of their ‘only or main residence’.

If an individual has a number of residences, the main residence will need to be identified.

The provisions do not require the sale and purchase to happen on the same day and in broad terms, there is a three year window for the replacement to occur.