Under the new system, stamp duty land tax will be payable in slices. There will be no tax payable on the first £250,000 of the purchase price, a 5 per cent charge on the next £675,000, a 10 per cent charge on the next £575,000 The top rate of stamp duty (12 per cent) will apply to the slice of consideration above £1.5 million.
If everyone purchasing is purchasing their first property, you can claim a discount. This means you’ll pay no Stamp Duty up to 425,000 and 5 per cent from there up to 625,000. No relief is available for First Time Buyers if the purchase price is higher than 625,000.
The tax is payable by the buyer â€“ not the seller. For up to date information on stamp duty please check the GOV.UK Stamp Duty Land Tax (SDLT) Calculator.
It is worth noting that as Solicitors, we are not governed to give specific tax advice. Therefore, if you believe you are eligible for any additional or different tax reliefs when undertaking a conveyancing transaction, please ensure you have received advice from a tax specialist. All the forms you sign in respect of the tax implications of a conveyancing transaction confirm to HMRC that you are personally satisfied that you have paid the correct level of tax.