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Friday, September 29, 2023

What is Stamp duty?

When you are buying a home it seems that the costs are endless. For the most part this is certainly true.  Not only do you have to find money for the deposit, a lender will look at the aftercosts.  Conveyancing fees where you have to engage solicitors,  valuation fees at the property that you’re looking to buy,  and moving costs.  Even if this is just getting a white van from somewhere they still have to be accounted for and paid for.

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One of the other cost factors of buying property is stamp duty land tax or SDLT  for short.  This is a type of tax that may be charged to you if you buy a home or even some land in England or Northern Ireland.  Where you are in the United Kingdom depends on how much you pay.  The good news is that if you or anybody else involved in the purchase of the property is a first time buyer you do not have to pay stamp duty land tax. There are also differences for if you were buying a main residence or a buy-to-let property.  This also includes second homes. The final criteria depends on the value of the property you’re looking to buy.  The more expensive the property, the greater the stamp duty land tax will be.

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If you are making a purchase in Scotland and Wales it is different.  In Scotland it is the land and buildings transaction tax and in Wales it is the land transaction tax.  In both cases they follow pretty much the same rules as that for England and Northern Ireland. If you think you have incorrectly paid stamp duty look for a SDLT Refund from https://www.sentientsdlt.co.uk/.

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