Stamp Duty Land Tax (SDLT) is a tax paid on property purchases in the UK. The current SDLT rates for residential properties are as follows:
- 0% on properties up to £250,000
- 5% on the portion from £250,001 to £925,000
- 10% on the portion from £925,001 to £1.5 million
- 12% on the remaining amount above £1.5 million
For first-time buyers, there’s a relief that increases the zero tax threshold to £425,000, and they pay:
- 0% on properties up to £425,000
- 5% on the portion from £425,001 to £625,000
If the property price is over £625,000, first-time buyers follow the same rates as other buyers1.
Please note that these rates apply to England and Northern Ireland. Scotland and Wales have their own tax systems: Land and Buildings Transaction Tax (LBTT) in Scotland, and Land Transaction Tax (LTT) in Wales2.
It’s always a good idea to use the SDLT calculator provided by HMRC to get an accurate figure for your specific situation1. If you’re buying a new home, this will be an important part of your budgeting process.
Above rates correct as of May 2024 and could be subject to change in the future.
For mortgage advice, contact Philip Messinger at philip@edenassociates.uk.com or call 07487 508 358
No comments:
Post a Comment