Stamp Duty Land Tax (or SDLT) is a tax you pay when purchasing a property or piece of land in England or Northern Ireland (in Wales, there is a similar tax known as the ‘Land Transaction Tax’). The name dates back to the 1600s, where legal documents were embossed with large physical ‘stamps’ – though nowadays it is all dealt with electronically.
The amount of SDLT you pay is calculated based on the full purchase price of the property, and is charged on any transaction regardless of if you are buying with a mortgage or not. The tax payable is worked out upon completion, so will be based on the final amount you pay for the property, subject to any further negotiations you might make following your initial offer.
There are three different rates at which the tax is calculated, which are broken down below. The rate that applies in your case will depend upon your circumstances and our New Business Team are here to help if you are unsure.
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We know that moving house is often a very busy and stressful time. This may leave you more susceptible to falling victim to property fraud. This guide outlines useful advice on what you can do to help protect yourself.
Thinking of turning your home into an Airbnb?
The restrictions on overseas travel has seen a race for UK holiday accommodation. Where property owners look to make money from ‘staycations’ by offering their homes on sharing platforms such as Airbnb, the ease of letting does not take away the responsibility to understand and keep up with relevant rules and regulations.
What does the Stamp Duty holiday mean for the property market and you?
Looking back to the start of 2020 the UK housing market looked strong, with Nationwide reporting a 14-month high in property values. A 1.9% increase on the same time the year before, and an average price of £215,897.