What is Stamp Duty?
Stamp Duty Land Tax – or SDLT, as it is sometime known, is a tax payable on any property purchase in the UK over £125,000. SDLT is applicable for both leasehold and freehold properties and must be paid on completion of the property sale.
How is Stamp Duty calculated?
SDLT is a variable rate between 2-12% of the property’s value. The amount you pay in SDLT depends on several factors, including the value of the property, the purchase date, if you are a UK resident and whether you already own property.
Do I have to pay Stamp Duty?
Anyone buying property in the UK is subject to paying Stamp Duty. However, there are certain exceptions for first-time buyers, or those using an alternative financing option, for example to comply with Sharia law.