Book a Free Consultation
Stamp Duty Land Tax (SDLT) is a progressive tax paid when purchasing leasehold, freehold or shared ownership real estate over £125,000 in England, Northern Ireland and Wales. In Scotland it is called Land and Buildings Transaction Tax (LBTT).
Everyone who purchases a property in the UK whether residential or non-residential, pays stamp duty land tax. This includes corporate bodies, overseas citizens and non-natural persons.
In April 2020, the Stamp Duty Land Tax (SDLT) started at 3% for homes valued from £125,000 up to 15% for houses valued over £1.5 million. On the 8th of July 2020, a temporary stamp duty holiday was announced to support the housing market amidst COVID-19 and Brexit discussions. The result was flourishing property price growth and a surge of new activity with renewed investor confidence.
Stamp duty is payable to HM Revenue & Customs (HMRC) 14 days from the date of completion or late penalties apply. At IP Global, your solicitor will take care of this and make sure the deadline isn’t missed.
Stamp duty tax is only payable on your property’s permanent building fixtures. This means that if you have removable fixtures and fittings such as fridges, sofas, freestanding wardrobes, curtains and carpets they are not subject to the SDLT tax. You can therefore subtract these items from the total property price.
For more information, or to find out about our investment opportunities benefiting from a significant stamp duty saving, contact us now.
The announcement was made on the 3rd of March 2021 in the Budget address to extend the stamp duty holiday adopting a phasing out approach with periodic surcharges until the stamp duty is back to original rates by October 2021.
The stamp duty holiday stipulates that first-time buyers will pay zero stamp duty up to the value of GBP500,000. The threshold for zero stamp duty will be reduced to GBP250,000 from July 1st and reach pre-holiday rates at the original GBP125,000 threshold by October 1st. However, buy-to-let and second home buyers receive a 3% surcharge and thus the calculations for stamp duty payable based on property value bands can be further explained in the table below.
Stamp Duty Land Tax (SDLT) is a progressive tax paid when purchasing leasehold, freehold, or shared ownership real estate over £125,000 in England, Northern Ireland, and Wales. In Scotland it is called Land and Buildings Transaction Tax (LBTT).
Everyone who purchases a property in the UK whether residential or non-residential, pays stamp duty land tax. This includes corporate bodies, overseas citizens, and non-natural persons.
In April 2020, the Stamp Duty Land Tax (SDLT) started at 3% for homes valued from £125,000 up to 15% for houses valued at over £1.5 million. On the 8th of July 2020, a temporary stamp duty holiday was announced to support the housing market amidst COVID-19 and Brexit discussions. The result was flourishing property price growth and a surge of new activity with renewed investor confidence.
In April 2020, the Stamp Duty Land Tax (SDLT) started at 3% for homes valued from £125,000 up to 15% for houses valued over £1.5 million. On the 8th of July 2020, a temporary stamp duty holiday was announced to support the housing market amidst COVID-19 and Brexit discussions. The result was flourishing property price growth and a surge of new activity with renewed investor confidence.
Stamp duty is payable to HM Revenue & Customs (HMRC) 14 days from the date of completion or late penalties apply. At IP Global, your solicitor will take care of this and make sure the deadline isn’t missed.
Stamp duty tax is only payable on your property’s permanent building fixtures. This means that removable fixtures and fittings such as fridges, sofas, freestanding wardrobes, curtains, and carpets are not subject to the SDLT tax. You can therefore subtract these items from the total property price.
For any questions about calculating stamp duty in the UK, or to find out about our investment opportunities benefiting from a significant stamp duty saving, contact us now.
The Chancellor of the Exchequer announced an exciting change to the Stamp Duty Land Tax (SDLT) in England and Northern Ireland on the 23rd of September 2022. Download the summary below.
Disclaimer: This information is for reference only. Our stamp duty calculator has been designed to give a useful general indication of costs. Calculation results are approximations and for information purposes only and rates quoted are not considered as rate guarantees.
Hong Kong
Suite 1001-1003, 10th Floor,
Harcourt House, 39 Gloucester Road, Wanchai, Hong Kong
© 2021 IP Global