SDLT is a tax that is likely to affect everyone at some point in their lives. Here Luke Goode explains how it works.
Stamp Duty Land Tax (SDLT) was introduced for land and property transactions with effect from 1 December 2003. It is a tax that is payable by the transferee on the acquisition of an interest in land or property in England and Northern Ireland.
The amount due is calculated with reference to the purchase price of the land and is charged as a percentage of said price. Similar to the way in which income tax is computed, since 2014 SDLT is calculated in ‘bands’. SDLT is only chargeable on amounts above the given thresholds. As at the time of writing this, the threshold for residential properties is £125,000. For non-residential land and property it is £150,000.
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