stamp duty

Stamp Duty

Stamp Duty

Stamp Duty Land Tax (SDLT)

PLEASE NOTE:

  • New SDLT rates were launched on 08.07.2020 and will remain place until 31.03.2021.
  • The period up to the 31.03.2021 will become extremely stressful for all concerned as many people will be pushing for completion in the final week to try to avoid missing out on the SDLT concession.
    • Try to avoid completing during the week 26-31.03.2021.
    • We will do our best to liaise with the others involved to mitigate any hurdles but the speed of the transaction is out of our control and we cannot guarantee that transactions will complete before 31.03.2021. This is especially the case where the transaction forms part of a chain.
    • Solicitors & Licensed Conveyancers are often the last link in the move. It is only when the Solicitor or Licensed Conveyancer  has all the pieces, which is dependent on others, that buyers and sellers can move.
    • Contracts may need to be amended to take any SDLT concession related issues into account.
      • What happens if some people in the chain still wish to proceed even if they complete after the 31.03.2021 and some don't.
      • Consideration needs to be given to compensation payments which may include unanticipated SDLT, if completion does not take place when expected or at all.
      • Please ensure you are aware of any conditions your lender may have imposed in relation to the SDLT concession.
      • Evidence of funds to cover SDLT after the concession period may be required if the completion date is close to 31.03.2021.
  • For further information on the rates and eligible property values please go to our page on New Stamp Duty rates.
  • The SDLT rates will return to those quoted below on the 01.04.2021.

Stamp Duty Land Tax (SDLT) must be paid to HMRC if you buy property or land over a certain amount in England and Northern Ireland:

  • Residential property - £125k
  • Non-residential land - £150k

Please note that Wales and Scotland have different policies.

For more detailed information you can go to https://www.gov.uk/stamp-duty-land-tax.

If you are buying your first home then you may be eligible for a discount if:

  • The purchase price is £500k or less
  • You, and anyone else you’re buying with, are first time buyers.

How would you like to talk to us?

chat icon

Chat Online


Image

Property Law Team

Sarah Bright

Sarah Bright

Licensed Conveyancer

Learn More
Maria Coleman

Maria Coleman

Property Paralegal

Learn More
Myron Handzij

Myron Handzij

Director & Solicitor

Learn More
 
 

phone icon

Free Initial Enquiry

We would be delighted to explain how we can help you. For your free, initial enquiry, please:

Or call Keighley: 01535 662644 | Skipton: 01756 700110 now

Business Services


Services for You


keighley & airedale business awards Logo

Winner! Financial / Legal Services Business of the Year