Stamp Duty – What Exactly Is It?
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The Buying Guide
‘Stamp Duty’ or ‘Stamp Duty Land Tax’ SDLT as it’s now properly known is a tax charged on land and property transactions in the UK. Stamp Duty is charged at different rates and different thresholds, dependant on the type of property and the value of the transaction.
- Up to £125,000
- Over £125,000 to £250,000
- Over £250,000 to £500,000
- Over £500,000
Stamp Duty Rate
- 0 %
- 1% (0% first time buyer)
- 3 %
- 4 %
So, for example, if the purchase price of your new home is £295,995, your Stamp Duty bill would add a further £8,880 to your costs.
When you buy a property, the change in land ownership has to be legally registered at the Land Registry. This process requires a certificate from the HMRC – which will only be issued on receipt of the SDLT due on the purchase of the property. So, if you don’t pay the Stamp Duty, you can’t buy your new home. Luckily that’s one of the things your solicitor takes care of, so you don’t have to!
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