What is Stamp Duty Land Tax?
Stamp Duty Land Tax (SDLT) is a tax you pay when you buy a property or land in England and Northern Ireland. It’s charged on the purchase price and is tiered, meaning the amount increases as the property value rises.
Key Points:
Thresholds: Currently, no SDLT is payable, for Home Movers, on homes costing £250,000 or less. For First Time Buyers, the threshold is currently £425,000.
Rates: Rates vary based on property value and whether you’re buying additional properties or a second home.
Exemptions: Some situations, like property transfers due to divorce, may be exempt.
Why It Matters
Understanding SDLT helps you budget properly for your purchase. Knowing your liability in advance means no surprises when it’s time to pay!
📞 If you’re starting to think about buying a new home and you’d like a breakdown of potential costs, please get in touch with us. Regardless of how early you are on your journey, we’d be happy to help. 🌓
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