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Duties

Stamp Duty Land Tax

Residential Land or property

From 4th December 2014, Stamp Duty Land Tax (SDLT) will be charged at each rate on the portion of the purchase price which falls within each rate band.

From 1st April 2016, if buying a residential property means you'll own more than one, you'll normally be subject to an additional 3% charge on the rates detailed below.

Rate Property value band
0% 0 to £125,000
2% Over £125,000 - £250,000
5% Over £250,000 - £925,000
10% Over £925,000 - £1.5 million
12% Over £1.5 million

Non-Residential land or property

Rate Purchase price/lease premium or transfer value
0% Up to £150,000
1% £150,001 to £250,000
5% Over £250,000

Higher rate for corporate bodies

From 20 March 2014 residential properties bought for over £500,000 are subject to SDLT at the rate of 15% where the property is acquired by a non-natural person such as a company, partnership or collective investment scheme. For sales in the period: 22 March 2012 to 19 March 2014 the 15% rate of SDLT only applied to properties sold for £2 million or more where the buyer was a non-natural person.

Non-Residential land or property

Net Present Value
Rate Residential Non-residential/mixed use
0% £0 - £125,000 £0 - £150,000
1% Over £125,000 Over £150,000

Please note that when calculating duty payable on the 'NPV' (Net Present Value) of leases, you must reduce your 'NPV' calculation by the following before applying the 1% rate.

Residential - £125,000

Non-Residential - £150,000

Duty on premium is the same as for transfers of land (except special rules apply for premium on non-residential properties where the rent exceeds £1000 annually).

 

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