Stamp Duty Land Tax (SDLT) is payable on the acquisition of land and property over a certain price in England and Northern Ireland. Different taxes apply if the land/property is located in Scotland (Land and Buildings Transaction Tax) or Wales (Land Transaction Tax).
The tax payable is calculated using tax bands. Where the price/consideration for a property is higher, portions of the consideration may be subject to SDLT at progressively higher rates of SDLT.
As a result of Covid-19, the government has confirmed that the residential rates of SDLT for property transactions between 8 July 2020 and 31 March 2021 are as follows:
Property or lease premium or transfer value
SDLT rate
Up to £500,000
Zero
The next £425,000...
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