Stamp Duty Land Tax (SDLT) is paid when you purchase land or property for a certain price in Wales, England or Northern Ireland. The tax affects both leasehold and freehold properties despite whether the purchase is with a mortgage or bought outright. SDLT also applies when buying a property through a shared ownership plan or..
When you sell a property that’s not your only residence you will usually have to pay capital gains tax on it. But can you offset stamp duty against your capital gains tax? This could help to reduce the impact of the costs you need to outlay when you’re buying property. What is capital gains tax?..
Stamp duty, officially referred to as stamp duty land tax (SDLT), is a lump-sum tax that you will need to pay if you buy land or property that amounts to more than a set figure. In Scotland, this is known as land and buildings transaction tax. The rate of tax you need to pay depends..
Stamp Duty Land Tax (SDLT) has to be paid on any buy-to-let property you invest in. The amount payable varies at a rate governed by the price you pay for the property. As of new tax laws implemented in April 2016, the current rates of SDLT for investment properties are as follows: – 3% on..
Stamp Duty Land Tax is a tax levied by the UK Government on all house or land purchases that cost above certain amounts. Therefore, stamp duty could well be payable if you buy land that already has planning permission granted, but it will be levied on the cost of the land and not the potential..
Is stamp duty payable on market value or purchase price? One question we hear a lot is whether stamp duty is payable on the market value of a property or on the purchase price? This is an important question and the simple answer is: if you are buying the house, it is the purchase price…
Calculating stamp duty can be off-putting. The recent changes for first-time buyers, buy to let owners and changes to stamp duty thresholds and rates make it harder than ever to understand and calculate what you should be paying. Different rules apply in different circumstances so here’s a guide to how you can calculate the charges..
Stamp duty is often a complicated business, and it’s hard to know when you might need to pay stamp duty and when it’s not applicable. A straightforward buy and sell is clear, but what about when thinking about the transfer of property between spouses? The rules depend on the circumstances of the transfer, and what..
Several banks offer “cashback” to home buyers, but Barclays new mortgage goes further still. Barclays have just announced that they will pay buyers stamp duty on properties worth up to £250,000. Seven out of 10 buyers are affected by stamp duty, which is paid on homes worth over £125,000. The cost of stamp duty on..
December 2014 saw the most radical change to the Stamp Duty system since it was introduced into the UK at the end of the 17th century. The Stamp Duty Land Tax, (SDLT) to give it its full name, has done away with the old ‘slab’ system in favour of a sliding scale, similar to Income..