You must pay Stamp Duty Land Tax (SDLT) if you buy a property or land over a certain price in England and Northern Ireland. The tax is different if the property or land is in Scotland or Wales.
You pay the tax when you;
Stamp Duty Land Tax is payable within 14 days of completion of a property purchase. A mortgage provider cannot lend towards Stamp Duty. It must be paid in full within 14 days of completion. As a buyer you can choose to file the return yourself directly to HMRC, although your solicitor will usually take care of this for you.
Yes. Stamp Duty is a legal requirement upon completion of any property purchase. Audley property experts in the village are well-versed in the sale and purchase of retirement properties and can provide advice and support when it comes to buying property, as well as selling your previous property or properties.
If your purchase is an additional dwelling, then there are higher rates applied on top of the standard rates. This is generally 3% on top of the standard rates above.
You may be eligible for a stamp duty refund on your second home surcharge if you sell your main residence within three years of paying the additional 3%. Contact Gov.uk to ask for a repayment of the higher rates of Stamp Duty Land Tax (SDLT) for additional properties if you sell what was previously your main home.
Read the detail on the Gov.uk website and view the Stamp Duty Land Tax calculator
