On The Market - Only showing 8% coverage compared to Zoopla and Prime Location.
20th February 2015
Source data looking at DA1.
STAMP DUTY GAME CHANGER:
You have to pay Stamp Duty Land Tax (SDLT) if you buy a property in the UK over a certain price. This is charged on all purchases of houses, flats and other land and buildings.
From 1 April 2015 SDLT won’t apply in Scotland. Instead you’ll pay Land and Buildings Transaction Tax when you buy a property.
The SDLT rate depends on:
- the purchase price of the property
- whether the property is residential
SDLT may also be due if you lease a property.
Rates from 4 December 2014
nothing on the first £125,000 of the property price
2% on the next £125,000
5% on the next £675,000
10% on the next £575,000
12% on the rest (above £1.5 million)
If you buy a property for £275,000, you’ll pay £3,750 of SDLT. This is made up of:
nothing on the first £125,000
£2,500 on the next £125,000
£1,250 on the remaining £25,000
Use the HM Revenue and Customs (HMRC) SDLT calculator to work out how much you’ll pay.
SDLT is charged at 15% on residential properties costing more than £500,000 bought by bodies like:
- collective investment schemes
There are some exceptions. For example, you pay SDLT based on the new rates and bands where the property is used for:
- a property rental business
- a property development or resale trade
- providing admission to visitors on a commercial basis
If your residential lease is for more than £125,000, you’ll pay 1% SDLT on the amount above the £125,000 threshold.
Non-residential and mixed-use properties:
- nothing on the property price, premium or value up to £150,000 (annual rent less than £1,000)
- 1% on properties up to £150,000 (annual rent £1,000 or more)
- 1% on properties between £150,001 and £250,000 (rent £1,000 or more)
- 3% on properties between £250,001 and £500,000 (rent £1,000 or more)
- 4% on properties over £500,000 (rent £1,000 or more)
Use the HMRC SDLT calculator to work out how much you’ll pay.
Special rules for SDLT:-
There are special rules for SDLT when you:
- buy 2 or more properties from someone you’re ‘connected to’ (eg a relative or business partner)
- buy property through a shared ownership scheme
- transfer ownership of a property through marriage, civil partnership, divorce, from a will or to a company
Last updated: 21 January 2015
Online Agent UK
Registered No. 08477297
Registered in England and Wales
0844 257 8448
Local Rate: 01622 239 946