The rates that are paid can depend on a number of factors including; the value of the property, if you are first time buyer, how many properties you already own, the country in which you are domiciled and the purpose for which the property is being used.
SDLT rates for residential properties can vary from zero to 12% and must be paid within 14 days of completion. Current UK law states that up to £250,000.00 of any property, lease premium or transfer value is non-taxable for current homeowners. After this first £250,000.00, tax is paid on the part of the property within each tax band capping at any portion above £1.5 million which is taxed at 12%.
For first time buyers extra relief is offered on SDLT. The non-taxable rate has been increased to £425,000.00 and SDLT is at 5% on any portion from £425,001.00 to £625,000.00.
By instructing Sintons you can be confident that we will handle your matter diligently, providing you with all the information you need to understand the process from start to finish.
If you require any further information please feel free to contact us.