Stamp Duty (SDLT) Explained
Many people ask ‘what is the stamp duty threshold’ and how it affects property transactions.
Stamp Duty is a tax that you have to pay when buying property in England or Northern Ireland. If you are unsure about what is the stamp duty threshold, the government provides detailed guidelines or seek further advice from a tax expert or specialist SDLT agent.
When you request an instant quote from LPL it will calculate the stamp duty you will have to pay.
How much Stamp Duty will you have to pay when buying a residential property?
Stamp Duty is tiered, meaning that you pay different rates on different portions of the property price. You will also pay different rates depending on whether you’re a first-time buyer, home mover or buying a buy-to-let, second or holiday home.
To fully understand the question ‘what is the stamp duty threshold’, the Government’s Stamp Duty Land Tax SDLT calculator can be used for property purchases that are:
- for first-time buyers
- replacing main residence
- additional property
- residential or non-residential
- freehold or leasehold
- for non-UK residents purchasing residential property
The calculator will work out the SDLT payable for most transactions. You should check the Government guidance if:
- you are uncertain about how SDLT applies to your purchase
- if you believe it may qualify for a relief
- for further general information and guidance
If in doubt, seek further advice from a tax expert or specialist SDLT agent. LPL cannot offer advice on complex SDLT matters.
More help and guides
We have lots of conveyancing help and guides on our website to assist our clients better understand the conveyancing process including:
Complete guide to the conveyancing process
Top 10 conveyancing FAQs
Conveyancing terms explained
Video conveyancing quick guides
