Buying a property in the UK often entails payment of Stamp Duty Land Tax. The amount payable varies depending on factors such as the property’s value, it is use, and the buyer’s circumstances. We can help you navigate SDLT obligations, considering various reliefs and exemptions that might be applicable, to ensure you are not overpaying
The basic threshold for residential properties is £250,000, and for non-residential (commercial) properties, it’s £150,000. The tax rates then increase in bands depending on the property value. We can guide our clients on the most current thresholds and rates.
A key complexity is the 3% higher SDLT rate that applies to purchases of additional residential properties, such as buy-to-let properties or second homes, costing more than £40,000. We ensure our clients understand when this surcharge applies and how it can affect their property investments. In addition, this rate applies to all residential properties purchased within a Limited company structure.
Non-UK residents purchasing residential property in England or Northern Ireland are required to pay a 2% surcharge on top of the standard SDLT rates. Scotland and Wales do not have an equivalent surcharge for non-UK residents at the moment. We can assist in understanding and calculating these additional costs.
We provide comprehensive advice on available SDLT reliefs such as Multiple Dwellings Relief (MDR), First-Time Buyers Relief, Relief for Mixed-use Properties, and others that could potentially reduce SDLT liabilities. Each relief has its specific rules and eligibility criteria, and we ensure our clients are well-informed to benefit from any applicable reliefs.
Why work with us?
We believe in personalised service, understanding each client’s unique circumstances, providing tailored solutions, timely service, and peace of mind. Navigate the Property/Real Estate Taxation landscape with confidence.