4 Nov 2021
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With the excitement of buying a new home, it can be easy to overlook some of the larger payments you may have to make as part of the process.
Here, Connely Roberts explain how you can calculate the Stamp Duty Land Tax (SDLT) that you might have to pay when you move home.
Stamp Duty is a tax that is payable when buying your residential home, in England and Northern Ireland (as of March 2022). It is payable on any property over the £125,000 threshold and is subject to a tax.
The stamp duty rate ranges from 2% to 12% of the purchase price, depending upon the value of the property bought, the purchase date and whether you are a first time buyer or multiple home owner.
In Scotland, there’s a slightly different policy, but the concept is the same – it’s known as Land and Buildings Transaction Tax, or Land Transaction Tax in Wales.
We have included some Government calculators for your respective country of residence as an easy way to find out how much tax you might have to pay on your property sale.
(Please visit the official government sites for up to date information).