Further to recent Government advice we feel it appropriate to close our offices and move our teams to working from home during these difficult times. We will therefore be working remotely to continue helping our clients and customers and will take all possible steps to ensure service levels remain high during these rather challenging times.
Please call the normal office telephone lines as your calls will continue to be answered and forwarded to the appropriate member of staff..
We appreciate how difficult and uncertain this period will be for everyone but we would like to reassure you that during it we will do all we can to help.
Thank you for your understanding. Stay safe and well.
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Stamp Duty Land Tax Rates from December 4th 2014
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 commercial buildings.
The SDLT rate depends on:
For example for residential property ONLY:
Under the new system on a purchase price of £260,000 the tax payable would be 0% on the first £125,000, 2% on the next £125,000 (£2,500) and 5% (£500) on the final £10,000 a total of £3,000 as opposed to £7,800.
On a purchase price of £550,000 0% on the first £125,000, 2% on the next £125,000 (£2,500) and 5% the remaining £300,000 (£1500) a total of £17,500 as opposed to £22,000.
On a purchase price of £1,000,000 0% on the first £125,000, 2% on the next £125,000 (£2,500) and 5% on £675,000 (£33,750) and 10% on the remaining £75,000 (£7,500) a total of £43,750 as opposed to £40,000.
SDLT may also be due if you lease a property.
SDLT is charged at different rates depending on the portion of the purchase price that falls into each rate
i.e. Commercial property including farms & estates that are runs as a business, i.e. Non-residential and mixed-use properties thresholds are as follows:
Purchase price/lease premium or transfer value
Up to £150,000 - annual rent is less than £1,000
Up to £150,000 - annual rent is £1,000 or more
Over £150,000 to £250,000
Over £250,000 to £500,000
SDLT is charged at 15% on residential dwellings 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