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Stamp Duty Land Tax – SDLT

Stamp duty is calculated based on various criteria i.e. the purchase price, if the property is to be your main residence, if you own additional properties etc. To calculate your own stamp duty you can use the Government Stamp Duty Calculator web page, follow the link below:

https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro

We will take your instructions as to which rate of tax you would like us to apply for on your behalf, therefore if you are not sure which rate of tax you should be applying for, we would always suggest you consult a reputable tax advisor before making your decision.

Under the new Stamp Duty regulations, all property owners purchasing an additional property to their main residence in England, Wales and Northern Island will be affected by the change in Stamp Duty Land Tax. If you already own property (have bought a property, inherited a property, or are a beneficiary of a trust that owns a property) but plan to buy a permanent home to replace another, you will be exempt from paying the higher rate.

If you already own a property which you use for your main residence “the original main residence” and you buy another property (i.e. a replacement property that you will live in as your main residence) then if you do not sell “the original main residence” at the same time as purchasing your new one, you will be liable to pay the higher rate.

You will then have a period of up to 36 months within which to sell “the original main residence” and claim back the difference between the higher rate and the standard rate. For all other situations where you buy an additional property, you will have to pay the higher rate. The liability is on you to ensure that you are paying the correct tax.

First Time Buyers Stamp Duty

First time buyers, who haven’t ever bought a property before, inherited a property, or been a beneficiary of a trust that owns a property, will not pay stamp duty if the property they are buying falls below the purchase price of £300,000. Further relief is available for purchases up to £500,000 to help first time buyers in more expensive locations such as London.