Join a community, not a client list.
Boutique London Lawyer
Get in touch today
Call us on 07855 849232 or
email david.gordon@dg-law.co.uk
SDLT – How Prepared Are You?
How Much Should You Set Aside?
Home buyers often budget for the property purchase but over look SDLT – how prepared are you? Are you ready to buy the perfect property to make it your home? Is it £500k or more? If it is, you need to check your budget and ensure you have enough to pay your SDLT (Stamp Duty Land Tax). But if you’re a first time buyer, the good news is that you may not need to pay it at all. Depending on the value of the property, if you’re a first time buyer, you will be entitled to a rebate. You may even be completely exempt.
Are You Exempt?
So how much should you set aside for your SDLT? You can assess it yourself by using the government’s guide lines and a conveyancing solicitor can help you as well. If you are exempt from SDLT you don’t have to pay anything at all but your solicitor will file an exemption form. This is the list of categories that give you exemption:
- if no money has been exchanged for the property sale
- if you’ve inherited the property
- if the property was transferred after divorce
- if the property is a freehold and less than £40,000
Calculating Your SDLT
SDLT – how prepared are you? If you are not exempt, you can calculate your SDLT on the government’s website. Some of the questions they will ask are:
- Is the property leasehold or freehold
- Residential or non-residential
- Effective date of your transaction
- Purchasing the property as an individual
- Lease rent
- Is the property a second purchase
- Is the property the main residence
- Value of the property
Deductions and Refunds
If you are not exempt you either pay SDLT in full or you might be eligible for a reduction. You might even be eligible for a refund, if you’ve already paid your SDLT. Your property solicitor can help you with this more complex aspect of Stamp Duty Land Tax. For instance, you can get a discount if your property is valued between £3000,001 and £500,000.
You can claim a discount (relief) so you do not pay any tax up to £300,000 and 5% on the portion from £300,001 to £500,000. Did you buy your property on or after 22 November 2017? Please get in touch with us because you could be eligible for a refund.
So on the complex matter of SDLT – how prepared are you? It is a complex matter for you but nor for us. For any other conveyancing matters, please give us a call or fill in the contact form. One of our conveyancing solicitors will be happy to help you. SG
Make An Enquiry
Call us now on 07855 849232 or complete our Online Enquiry and we will be delighted to talk with you about your legal matter.
Share Article With:
Make An Enquiry
Blog Categories
Client Reviews
DG Law were fantastic throughout our purchase process. We had a short, fixed, timeline to
DG Law supported us through a very difficult contractual negotiation to achieve exactly the outcome
We were very pleased with the way that DG Law helped us on our transaction
DG Law resolved a difficult lease renewal for us and their services were excellent –
I needed understanding and experienced legal advice. DG Law provided an excellent service at a
My experience was second to none – the service was professional and personal. DG Law
DG Law always step up to the plate on our transactions and handle the various
DG Law was recommended to me and my partner and I received excellent advice –
Having worked with DG Law a number/couple of times now, I have been really impressed
DG Law were constantly at hand, and kept pro-active throughout the thorny process of getting
DG Law came recommended to me and whilst setting up a new business it was
We were recommended three lawyers to handle the sale of our seven year old successful
Why Choose Us?
We live by our core values of transparency, flexibility and being honourable – every day
We put ourselves in your shoes so we understand your problems from the inside out
We deliver our advice in a way that is easy to understand