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Understanding Stamp Duty Land Tax (SDLT)
Stamp Duty Land Tax (SDLT) is a tax on property purchases in England and Northern Ireland. The amount payable depends on the purchase price, the type of property, and whether the buyer qualifies for any reliefs or is subject to surcharges.
Standard residential rates
For standard residential purchases, SDLT is calculated on a tiered basis. No tax is payable on the first £125,000. The portion between £125,001 and £250,000 is taxed at 2%, between £250,001 and £925,000 at 5%, between £925,001 and £1,500,000 at 10%, and any amount above £1,500,000 at 12%.
First-time buyer relief
First-time buyers purchasing a property for £500,000 or less pay no SDLT on the first £300,000 and 5% on the portion between £300,001 and £500,000. Properties above £500,000 do not qualify for first-time buyer relief and are taxed at standard rates.
Additional property surcharge
Buyers purchasing an additional residential property (such as a buy-to-let or second home) pay a 5% surcharge on top of standard rates. This applies from the first pound of the purchase price.
Non-resident surcharge
Non-UK resident buyers pay an additional 2% surcharge on top of the applicable rates. This can be combined with the additional property surcharge where both apply, resulting in a combined surcharge of 7%.
Company purchases
Companies purchasing residential property above £500,000 are subject to a flat rate of 17% on the entire purchase price. Below £500,000, the additional property surcharge rates apply.
Commercial and mixed-use rates
Commercial and mixed-use properties have separate rate bands. No tax is payable on the first £150,000. The portion between £150,001 and £250,000 is taxed at 2%, and any amount above £250,000 at 5%. No surcharges apply to commercial purchases.