Stamp Duty Land Tax
Stamp Duty Land Tax (SDLT) is a tax that is payable if you buy a property or land over a certain price in England and Northern Ireland. The tax can be quite a considerable amount, so it is important to budget for this in advance.
The current SDLT threshold is £250,000 for residential properties in England and Northern Ireland. How much you pay depends on whether the property purchase price and whether you are a first-time buyer or not.
There are different rules if you're buying your first home. If you are (and anyone else you are buying with) are first-time buyers, you get a discount (relief) that means you either pay no or less tax.
There are also higher rates charged for additional properties. You will usually have to pay 3% on top of the normal SDLT rates if buying a new property means you will own more than one.
For more information and to calculate how much tax you’ll pay, below are some useful links to the GOV.UK website:
* Neither Hadley-Clarke Mortgages nor PRIMIS/First Complete are responsible for the accuracy of the information contained within the linked sites. They are also not able to provide taxation advice. Should you require advice on taxation matters you should consult with a suitably qualified professional.