Stamp Duty or Stamp Duty Land Tax (SDLT) as it is more formerly known is a tax you pay when buy a property or land over a certain price in England, Wales and Northern Ireland.
The current threshold at which SDLT comes in to effect when you buy your or only property to live in is £250,000
(An SDLT Calculator available see links at the bottom of this section.)
You can also use this table to work out the SDLT for the purchase price of a lease (the ‘lease premium’).
|Property or lease premium or transfer value||SDLT rate|
|Up to £125,000||0%|
|The next £125,000 (the portion from £125,001 to £250,000)||2%|
|The next £675,000 (the portion from £250,001 to £925,000)||5%|
|The next £575,000 (the portion from £925,001 to £1.5 million)||10%|
|The remaining amount (the portion above £1.5 million)||12%|
Legislation introduced in April 2016 has brought about changes to the SDLT for investors/those buying to let with a surcharge of 3% on top of the bands for the standard ratings referred to above.
From 1 April 2016, you’ll usually have to pay 3% on top of the normal SDLTrates if buying a residential property means you’ll own more than one.
You may not have to pay the higher rates if you exchanged contracts before 26th November 2015.
You won’t pay the extra 3% SDLT if the property you’re buying is replacing your main residence and that has already been sold.
If there’s a delay selling your main residence and it hasn’t been sold on the day you complete your new purchase:
We have included below the link relating to SDLT calculator for both the above scenarios and covering both “freehold & “leasehold” property.