Stepping into what?
My grandmother used to refer to it as “stepping out” or, if feeling particularly modern, “courting”. As we hit Valentine’s Day and love is in the air, what are the…
Stamp Duty Land Tax
Stamp Duty Land Tax needs little introduction as being the tax which is payable to the Inland Revenue on the transfer of land.
Stamp Duty Land Tax is based on a percentage of the property price and there are four rates of tax as follows:-
| Purchase Price | Rate of Stamp Duty Land Tax |
|---|---|
| Up to £125,000.00 | No SDLT payable |
| £125,000.01 – £250,000.00 | 1% of Purchase Price |
| £250,000.01 – £500,000.00 | 3% of Purchase Price |
| £500,000.01 – £1,000,000.00 | 4% of Purchase Price |
| Over £1,000,000.00 | 5% of Purchase Price |
As well as payment of Stamp Duty Land Tax you are required to submit a Land Transaction Return Form to the Inland Revenue on
completion of your purchase. This provides the Inland Revenue with details of the transaction and the purchase price. We will
prepare the Land Transaction Return on your behalf and will submit it to the Inland Revenue on completion.