SDLT Stamp Duty Land Tax Advice

There will be some tax amount you will have to pay when you plan to buy a property or land in the form of a freehold property, new or existing leasehold, or property through a shared ownership scheme in England and Northern Ireland. The property should be above a specific price. This tax amount is called stamp duty land tax.

The property buyer always needs to pay the stamp duty land tax, not the seller. To deal with the stamp duty tax advice, you can hire SDLT experts at dns accountants and can get stress-free tax planning.

In some cases, a stamp duty refund can be claimed, like in your second home surcharge.If you sell your first property within three years of purchasing another one, your second property will become your primary residence, and you will be able to claim stamp duty refund on that. Claiming the refund requires you to complete an online HMRC form on the Gov.UK website.

Yes, if you buy a second home, you need to pay stamp duty on the second home which is subject to a 3% surcharge on the standard SDLT rates. You can find some exemptions in it, and it would be better to get SDLT tax advice from experts.

SDLT is payable within 14 days when you purchase a property. If you submit it after 14 days or longer, you may end up paying penalties and interest, which HMRC will charge. A solicitor will submit the stamp duty on behalf of their client.

The non-residential and residential properties buyer of England and Northern Ireland pays Stamp Duty. In the case of non-UK residents, an additional SDLT rate of 2% will be charged by HMRC if you buy a property in England or Northern Ireland. HMRC stamp duty calculator can be used for easy calculation of your SDLT.

Yes, the stamp duty must pay for both non-residential and residential properties, and the mixed-use property is also one on which stamp duty is payable. The SDLT rates are lower on mixed-use and commercial properties than on residential ones.

There are a few situations where you can get stamp duty land tax relief.

First-time buyer's relief - if you are a first-time individual buyer and your property is residential with less than a certain price, you can quickly get a first-time buyer's relief. There are other reliefs, like purchases by a charity of land and property for charitable purposes, purchases of multiple dwellings, and right-to-buy purchases.

dns accountants can help you to identify the situation where you can get relief on SDLT. Our SDLT accountants will guide you properly for maximum tax relief.

We cater stamp duty land tax (SDLT) services to the given type of sectors:

• The first and second home buyers
• Commercial, derelict and probate properties
• Shared ownership
• Property developers
• The employers who are buying property and crown employees
• Property which is bought from limited companies
• Investors
• Group relief
• Freeport tax sites
• Charities

Connect with us to hire our property accountant services.

There are few circumstances or reliefs where people can examine that they have overpaid Stamp Duty Land Tax. These are the SDLT reliefs:

• granny annexe,
• property with land attached,
• property that includes commercial activity,
• income from the land like rents, certain wayleaves, licence fees etc.
• Any interest over the land.

An SDLT expert can guide you well in claiming it back.

These are the scenarios where you will have to pay a 3% additional SDLT surcharge:

• 3% SDLT surcharge on additional properties for £40,000 or more, whether a holiday home, a buy-to-let etc.
• If you have any share in another property worth £40,000 or more.
• If you have shares in any property in the world and are buying your first home in the UK.

A refund claim can be made up to 12 months after the date you have filled the original SDLT return, i.e. 14 days after the completion of the original purchase.

These are the Stamp duty land tax (SDLT) rates for single residential properties

• Up to £250,000, there will be Zero
• From £250,001 to £925,000, there will be a 5%
• From £925,001 to £1.5 million, there will be a 10%
• Above £1.5 million, there will be a 12%

A 3% surcharge over this will be charged if you own another residential property. Yes, you can get an SDLT refund with some reliefs available

SDLT for residential properties applies to over £250,000.

• Up to £250,000, there will be zero
• From £250,001 to £925,000, there will be a 5%
• From £925,001 to £1.5 million, there will be a 10%
• Above £1.5 million, there will be a 12%

For stamp duty registration fee, visit this gov site: https://www.gov.uk/guidance/hm-land-registry-registration-services-fees

In this case, if you are a tenant of a commercial property. You need to calculate SDLT payable amount and pay it on time. There will be no responsibility of landlords for SDLT. To understand it clearly, hiring an SDLT specialist or accountant is recommended to check whether you are liable to pay tax.

Yes, the cost represented by Stamp Duty Land Tax can be treated as a capital expense for accounting purposes.

No, you can't pay stamp duty in instalments

Yes, In the case of multiple dwellings, you will not have to pay below a certain amount, but you will have to pay above a specific price. You can also check Multiple Dwelling Relief to avail other benefits.

There are no circumstances that allow you to add Stamp duty to your mortgage. But you can have some other options instead.

No, you don't need to pay stamp duty as a seller. Only buyers of the house or property need to pay.

Technically yes, you will have to pay the 3% SDLT surcharge, but there can be some situations where you can get relief, and an expert can introduce you to the best possible solution.

There are a few circumstances where you overpaid Stamp Duty Land Tax, but later on, you can claim back.