SDLT can have a real impact on the property price.
This is an issue that confuses many buyers – particularly with the on/off extensions being offered by the government.
SDLT is payable if you buy either a freehold, leasehold or shared ownership property, above a certain value. The amount you have to pay depends on the price of the property, whether you have additional properties and also when your sale completes. The following assumes that the property being bought is the main residence and will be the only property owned.
Completion before 30 JUNE 2021
No SDLT payable on a residential property up to the value of £500,000
Completion between 1 JULY and 30 SEPTEMBER 2021
No SDLT payable on a residential property up to the value of £250,000
Completion on or after 1 OCTOBER 2021
SDLT becomes payable on all residential properties over £150,000
The amount of SDLT payable will vary from the above examples for first-time buyers, those buying an additional property, or anyone not resident in the UK. There are also variations if the property is non-residential or mixed use. We will be happy to supply a personally tailored quote in any of these situations – simply call 01302 320621 or email email@example.com
You can use the HM Revenue and Customs calculator if you would like some idea of the tax you will need to pay Stamp Duty Land Tax Calculator