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BUYER GUIDES

Understanding Stamp Duty Land Tax

Wondering how much stamp duty you need to pay on a new home? Well, it depends on the value of the property. And with the current stamp duty holiday, there’s a good chance you won’t have to pay any at all. Here’s a simple guide.

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What is Stamp Duty? 

When you buy a home in the UK, the government will charge a tax. In England and Northern Ireland this charge is called Stamp Duty Land Tax (SDLT).  
 
The amount you pay is dependent on the value of the property you purchase and when you choose to buy it.

Learn about taxation in Scotland or Wales

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Buying a home for more than £500,00?

If your new home is worth more than £500,00, and you buy before 1st July 2021, you will only start to pay stamp duty on the amount that you pay for the property above £500,000.

These rates apply whether you are buying your first home or have owned property before.

Stamp duty holiday rates 2020

How do I pay stamp duty?

Within 14 days of completion, you will need to send an SDLT return to HMRC and pay the tax within 14 days of completion.

Your solicitor will usually do this for you on the day of completion and add the amount to their fees.

Alternatively, you can file a return and pay the tax yourself.

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