From 21 March 2012, a 15% rate of Stamp Duty Land Tax (SDLT) was introduced by the 2012 Budget on acquisitions of residential property costing more than £2m by non-natural persons (see table 1). From 22 March 2012, the highest rate of SDLT is otherwise 7% for residential property acquisitions over £2m (transitional rules preserve the pre-Budget SDLT rates for contracts entered into before the Budget unless varied or assigned).