Stamp Duty Land Tax
Everyone talks about it, but how many of us really understand it?
Stamp Duty Land Tax (SDLT) is a tax you pay when you purchase a property in England.
SDLT is the tax payable on any residential property that costs over £125,000.
The amount payable is dependent on your personal circumstances and the property value.
The threshold for the tax is currently at £125,00 for residential properties.
- £0 – £125,000 = No SDLT
- £125,000 – £250,000 = 2% on the amount between £125,000 and £250,000
- £250,000 – £925,000 = 5% on the amount between £250,000 and £925,000
An additional 3% is payable on any additional properties that cost more than £40,000, i.e. a second home or a buy to let property.
First time buyers:
First time buyers will not have to pay Stamp Duty Land Tax on properties up to £300,000.