If you buy a property in the UK over a certain price, you have to pay Stamp Duty Land Tax (SDLT). This is charged on all purchases of houses, flats and other land and buildings.
The SDLT rate depends on:
|Purchase price of property||Rate of SDLT (percentage of the total purchase price)|
|£0 - £125,000||0%|
|£125,001 - £250,000||1%|
|£250,001 - £500,000||3%|
|£500,001 - £1 million||4%|
|Over £1 million - £2 million||5%|
|Over £2 million||7%|
|Over £2 million bought by corporate bodies||15%|
SDLT is charged at 15% on residential dwellings costing more than £2 million bought by bodies like:
Some companies acting as trustees for a settlement and property developers may only need to pay 7%.
If you are confused by stamp duty or by conveyancing, take a look at our frequently asked questions for buyers, or contact your local branch to discuss any property related matters with our expert sales consultants.
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