Conveyancing

Stamp Duty Guide

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WHY GLOVERPRIEST?

Stamp Duty Land Tax (SDLT) is a a lump-sum tax that you pay to HM Revenue & Customs when you are buying a home.
It is paid by the person buying a property normally via your solicitor and how much you’ll pay depends on if this is your 1st property, where the property is, how much you are paying for it and whether or not it is your only property.

Who Has To Pay Stamp Duty?

All property buyers must declare the circumstances of any land transaction to Her Majesty's Revenue & Customs (HMRC). SDLT is payable when you:

You do not have to pay SDLT if you have inherited property from a Will or if property is transferred to you through a divorce.

Stamp Duty Holiday

A stamp duty holiday has now been implemented and will be applied to all residential purchases until 31st March 2021. The initial threshold for normal purchases has risen from £125,000 to £500,000.

Transactions involving additional property, including second homes and buy to let investments, will continue to attract a 3% surcharge.

Additional property purchases will however also benefit from the higher initial stamp duty threshold of £500,000. This means just the minimum 3% surcharge will be applied to transactions up to this amount.

How Is Stamp Duty Land Tax Calculated?

The amount of SDLT you must pay depends on the value of the property. SDLT is payable in increasing portions of the property;

Tax Band Normal Rate Additional Property
less than £500k 0% 3%*
£500k to £925k 5% 8%
£925k to £1.5m 10% 13%
rest over £1.5m 12% 15%

* An additional property purchased for less than £40k will attract 0% tax. For purchases from £40k to £500k the SDLT rate will be 3% on full purchase price. The SDLT rates above apply to freehold residential purchases in England and Northern Ireland.

How and when to pay Stamp Duty

GloverPriest will send an SDLT return to HMRC and pay the tax within 14 days of completion. 
We will usually file your return and pay the tax on your behalf on the day of completion and add the amount to out fees as a part of your completion statement. We will claim any relief you’re eligible for, such as if you’re a first-time buyer at this tme.

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Martin Priest

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Tracy Barnsley

Conveyancing Executive

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Parminder Bhogal

Chartered Legal Executive

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Solicitor

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Residential Conveyancer

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Trainee Solicitor

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Head of Conveyancing Operations

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Alisha Noreen

Solicitor

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Solicitor

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Sarah Masson

Solicitor

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Oliver Bowen

Residential Conveyancer

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