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You may need to pay Stamp Duty Land Tax (SDLT) if you buy a property or land over a certain price in England and Northern Ireland.
The current SDLT threshold is £125,000 for residential properties and £150,000 for non-residential land and properties.
The tax is payable when buying a freehold or leasehold, buying property through shared ownership scheme, or buying a share of a property (as long as the price thresholds are exceeded).
However, there are special exemptions for first time buyers. No tax will be payable if you are a first time buyer and:
- you complete your purchase on or after 22 November 2017
- the purchase price is £300,000 or less
- you, and anyone else you’re buying with, are first-time buyers.
If Stamp Duty is payable, it must be paid to HMRC within 14 days of completion. These rules have recently changed – previously the deadline to pay was longer – therefore you should ensure the tax is paid promptly to avoid any penalties. A solicitor will usually file the Stamp Duty tax return for you on the date of completion.
If you would like any further information or advice in relation to buying or selling a property, please contact us on 01384 410 410 or send an email to residentialconveyancing@georgegreen.co.uk. You can also get a free quote by using our conveyancing quote tool on our website.