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Are there strategies to reduce stamp duty liability?
How can I avoid paying stamp duty when buying a new property?
Do I have to pay stamp duty land tax (SDLT)?
Should you buy a property with a stamp duty discount?
Are stamp duty land tax rates changing?
How do I calculate stamp duty land tax?
You may be eligible for Stamp Duty Land Tax (SDLT) reliefs if you’re buying your first home and in certain other situations. These reliefs can reduce the amount of tax you pay.
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Replacing a main residence. Purchasing additional property. Why is stamp duty changing? In September 2022, the then Conservative Government announced a temporary change to stamp duty, lowering the upfront costs of moving home.
1 day ago · Stamp duty is a tax that's charged when you buy a property in the UK, but you'll only need to pay it if the price of that property reaches a certain threshold. Our stamp duty calculator below shows you just how much you'll need to pay.
Jun 30, 2024 · Yes, there are strategies to reduce stamp duty liability. These include structuring property purchases in a tax-efficient manner, considering property valuation carefully, and taking into account any available reliefs or exemptions.
- Thresholds
- How much you pay
- The value you pay SDLT on (the ‘consideration’)
- How and when to pay
The threshold is where SDLT starts to apply. If you buy a property for less than the threshold, there’s no SDLT to pay.
The current SDLT thresholds are:
•£250,000 for residential properties
•£425,000 for first-time buyers buying a residential property worth £625,000 or less
•£150,000 for non-residential land and properties
There were different thresholds and rates for residential properties before 23 September 2022.
How much you pay depends on:
•whether the land or property will be used as a residential property or as a non-residential or mixed-use property
•whether you are eligible for relief or an exemption
For example, if you’re buying a residential property there are different rates of SDLT if:
•you’re a first-time buyer
•you already own a property and you’re buying an additional property
The total value you pay SDLT on (sometimes called the ‘consideration’) is usually the price you pay for the property or land.
Sometimes it might include another type of payment like:
•goods
•works or services
•release from a debt
•transfer of a debt, including the value of any outstanding mortgage
Send an SDLT return to HMRC and pay the tax within 14 days of completion.
If you have a solicitor, agent or conveyancer, they’ll usually file your return and pay the tax on your behalf on the day of completion. They’ll then add the tax to their fees.
If they do not do this for you, you can file a return and pay the tax yourself.
You may be charged penalties and interest if you do not file your return and make your payment within 14 days of completion.
Nov 28, 2022 · Policy objective. The SDLT cut announced by the government on 23 September 2022 will remain in place until 31 March 2025 to support the housing market and the hundreds of thousands of jobs and...
3 days ago · In 2022, the threshold at which buyers started to pay stamp duty tax was raised from £125,000 to £250,000. This means that for properties priced below £250,000, no stamp duty tax is currently ...
