Global Shop

Always in style!

What is the criteria for stamp duty payments?

Now that the recent payment holiday on Stamp Duty Land Tax has been lifted it’s very likely that you will be faced with making a payment once again. Stamp Duty Land Tax, or SDLT as it is known, is applicable to properties in the United Kingdom. It is levied on any purchase of a property or land that is going to be used as some form of dwelling or residence. It may have different names in Wales and Scotland but ultimately it’s still applied to any purchases in this country.

Image credit

There are however certain groups and circumstances where it is avoided but in general it is paid. The only group that can currently avoid paying Stamp Duty Land Tax is that of the first time buyer. This can be of considerable help as the purchase can be a huge financial drain on their resources. When you factor in moving costs and the need to find a deposit it all adds up.

Image credit

The calculation is very simple: it is a percentage based on the value of the property or the land that you are looking to buy. It naturally follows that the more expensive property or the land that you are looking to buy the more you pay in Stamp Duty Land Tax. This is a simple rolling scale that is employed nationally. Some have said that this would appear to be slightly unfair however it seems that the government is deaf to these pleas and the scale continues. You can get a Stamp Duty Refund via https://www.sentientsdlt.co.uk/