Stamp Duty Land Tax
Are you looking to buy a property or land in the United Kingdom? then you have to pay Stamp Duty Land Tax (SDLT)!
This is charged on all purchases of houses, flats and other land and buildings.
The SDLT rate depends on:
- The purchase price of the property
- Whether the property is residential
- Whether the property is in a disadvantaged area
Stamp Duty Land Tax is normally paid directly to your solicitor with your funds for the purchase of the property.
The Stamp Duty Land Tax rates on residential land or property are as follows :
Purchase Price of Property
Rate of SDLT (% of total purchase price)
|
£0 - £125,000 |
0% |
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|
|
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£125,001 - £250,000 |
2% |
|
|
|
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£250,001 - £925,000 |
5% |
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|
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£925,000 - £1.5 Million |
10% |
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|
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Over £1.5 Million |
12% |
|
|
|
So if you buy a house for £275,000 you will pay £3,750 in Stamp Duty Land Tax on top of the purchase price.
This is calculated as follows:
0% on the first £125,000 = £0
2% on the next £125,000 = £2,500
5% on the final £25,000 = £1,250
Total Stamp Duty Land Tax payable = £3,750
For more information on how to calculate your Stamp Duty Land Tax, please visit: Stamp Duty Land Tax.
"Just thought I would drop you a line and take the opportunity to thank you and the team at ADM Residential for all the hard work and support you have provided over the past 5 years looking after both residential property letting and property purchases for me. Acting as the managing agent, its reassuring to know that your knowledge and experience has ensured that ADM have not only my best interests at heart but also that of the tenants, creating a mutually beneficial and effective partnership for all involved. The dedication of the team at ADM is to be admired and they have been a huge help, dealing with any issues that arise, liaising with trade professionals, ensuring any problems are dealt with both effectively and quickly. I can highly recommend the services of ADM Residential to any prospective landlords and home buyers. Thanks again."