What is Stamp Duty Land Tax?

Payable to the HMRC, Stampt Duty land Tax (SDLT) is the tax that is payable on the purchasing price of land and/or buildings. Therefore, when you buy a property, land or take out a lease you may have to pay SDLT.

How much will SDLT cost? How do I know if I will have to pay it?

There are three different ways of working out SDLT rates, these rate are based upon your circumstances and are as follows:

  • If you are a first time buyer/s, meaning you have never owned a property, then the First Time Buyers Relief will apply. This means you will not have to pay SDLT up to £300,000, between £300,000 and £500,000 the rate payable will be 5%. On all sums over £300,000 and if the property being brought is over £500,000 then the relief will not apply.
  • If you are not a first time buyer and you are purchasing your second home, this will then mean that there is an additional charge, The Second Home Charge, will be applied if the property is being purchased as a second home. If it applies the amount payable for the charge will be 3% of the total amount paid for the property. This charge will only be applied to properties which are purchased for £40,000 or more.
  • If you are not a first time buyer and you are not purchasing a second home then the SDLT rates are as follows:
    • £125,000.00 will be charged a 0% rate
    • £125,001 to £250,000 will be charged a 2% rate
    • £250,001 to £925,000 will be charged a 5% rate
    • £925,001 to £1.5 million will be charged a 10% rate
    • The remaining amount (anything above £1.5million) will be charged at a rate of 12%

I would like to know more about SDLT

If you feel like you would like to discuss these rates further or if your unsure which category you fit into then contact us today, our legally trained advisers are available to answer any question you may have and provide you with the help and support you need.

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