What is stamp duty?
Stamp Duty Land Tax (SDLT) is a tax levied on the purchase of property in England and Northern Ireland.
Your rate of Stamp Duty will depend on the purchase price of your property. The more your property is worth, the higher the rate of Stamp Duty. This is split up into bands.
When do you pay stamp duty?
Stamp duty now needs to be paid within 14 days after completing on a property purchase.
First time buyers
First time buyers will not pay any stamp duty on the first £425,000, as long as the purchase price is no more than £625,000.
Buy to let & second homes
You will pay additional Stamp duty rates on additional property that are classed as buy to let investments or second homes. However, these additional rates only normally apply to residential properties and not to land or other types of property.
If you’d like to discuss other rates and exemptions for second homes get in touch!
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