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.
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:
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:
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
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