Stamp Duty Land Tax (SDLT) is a a lump-sum tax that you pay to HM Revenue & Customs when you are buying a home.

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.

1st Time Buyers Stamp Duty 

From 22nd November 2017, if all parties buying are first time buyer and you are buying a property for £300,000 or less in England or Wales, you will not need to pay Stamp Duty. If the property price is between £300,000 and £500,000, you will only pay stamp duty on the amount between £300,001 and £500,000, at a rate of 5%.

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 price above £125,000:


Property/Lease Premium Or Transfer Value                                      SDLT Rate
Up to £125,000                                                                                       Zero
The next £125,000 (the portion from £125,001 to £250,000)           2%
The next £675,000 (the portion from £250,001 to £925,000)         5%
The next £575,000 (the portion from £925,001 to £1.5 million)       10%
The remaining amount (the portion above £1.5 million)                     12%

 

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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