What is Stamp Duty Land Tax?
Stamp Duty Land Tax is currently payable on all purchases of land or property in the UK valued over £125,000.
This applies to freehold and leasehold properties. The rate you pay depends on the value of the property, whether you are a first-time buyer, and in some cases the area in which the property is located.
If you are liable for Stamp Duty Land Tax, it is paid directly to HMRC. In many cases the solicitor who is handling the purchase will deal with the Stamp Duty, although it remains your responsibility to ensure it is paid.
In most cases, on purchases from £125,001 to £250,000, 1% Stamp Duty is payable on the whole transaction, currently:
On purchases from £250,001 to £500,000, 3% Stamp Duty is payable
In every case, the whole Stamp Duty rate is payable on the entire transaction.
Different rates apply for first-time buyers, for all buyers in certain areas classified as ‘disadvantaged’, and for ‘zero-carbon’ homes. If you are a first-time buyer, no Stamp Duty is payable on purchases up to £250,000. For purchases over this amount, the usual rates of Stamp Duty apply.
For further Tax information, please follow the links below:
Income Tax includes:
What is income tax?
How is Income Tax calculated?
How much income tax do I need to pay?
Income Tax Allowances
Income Tax Rates and Taxable Bands
How do I pay income tax?
Tax Codes includes:
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Different Tax Codes
More than one job
Emergency Tax Codes
Emergency Tax Codes includes:
What is an Emergency Tax Code?
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Why do I have a BR/ Emergency Tax Code?
Can I get a Tax Refund if I have paid Emergency Tax?
Construction Industry Scheme includes:
CIS For Subcontractors
CIS For Contractors (Employers)
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What is VAT?
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Self Assessment includes:
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What is a Unique Tax Reference number (UTR)?
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Self Assessment Tax return deadlines
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How is my tax calculated?
Do I need to check my tax calculation?
National Insurance includes:
What is National Insurance?
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What is National Insurance used for?
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Pension Tax includes:
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Corporation Tax includes:
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How much Corporation Tax do I need to pay?
How do I pay Corporation Tax?
Inheritance Tax includes:
What is Inheritance Tax?
Capital Gains Tax includes:
What is Capital Gains Tax?