Stamp Duty Land Tax (SDLT) is the tax owed to the HMRC after the purchase of a freehold, leasehold, or shared ownership property. It’s important to have this payment sorted promptly (within 14 days of completion of the sale) to avoid a penalty charge.
The amount of tax is calculated based on a percentage of the purchase value of the property or land. The first £250,000 is exempt from tax, so if you’re buying a residential property valued at £300,000, for example, you must pay a Stamp Duty of £2,500. There may be further charges if you’re purchasing a residential leasehold property.
Our experienced conveyancing solicitors can help ensure all the paperwork for this tax payment is filled out correctly and on time. Contact our team for further advice.