Sherwood Mortgages - Mortgage Advisers - Sheffield

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.

Threshold

The threshold for the tax is currently at £125,00 for residential properties.

Rate bands:

  • £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.

About Us

Sherwood Mortgages of Worksop, Nottinghamshire has been advising customers for over 11 years and can assist you in finding the best UK mortgage to suit your requirements and needs.

Read more About Us and what we do by clicking HERE.

For secured loans, conveyancing, estate agents, solicitors, surveyors and tax planning we act as introducers only.
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