Upon buying property or land in England or Northern Ireland, Stamp Duty Land Tax (SDLT) may be required to be paid to HMRC. The tax only applies if the value of the purchase exceeds the SDLT threshold, and the purchase is not covered by an exemption. The current threshold for residential properties is £125,000 for residential properties, while it stands at £150,000 for non-residential land and properties. Different rules apply to those who are first-time buyers.
As the amount payable depends on a number of factors, it’s possible to work out how much a person should pay in Stamp Duty by using a Stamp Duty Land Tax calculator.
The HMRC stamp duty calculator can be found online at the government website.
An SDLT return must be sent to HMRC and the tax must be paid within 14 days of the sale reaching completion.
Should a person have a solicitor, agent, or conveyancer, then they will usually file the return and pay the tax on the individual’s behalf - adding the amount to their fees.
They will also claim any eligible relief, such as the potential reduction in SDLT for first-time buyers.
If these figures do not offer this service, then one can file a