What is Stamp Duty Land Tax (SDLT)?
Stamp Duty Land Tax (SDLT) is a tax paid by the buyer of a UK residential property. Between 8 July 2020 and 31 March 2021, stamp duty is paid when the purchase price exceeds £500,000. On 1 April 2021, the threshold will revert to £125,000. The stamp duty rate ranges from 2% to 12% of the purchase price, depending upon the value of the property bought, the purchase date and whether you are a multiple home owner.
From 8 July 2020 to 31 March 2021, the special rules for first time buyers are replaced by the increased threshold of £500,000.
Anyone purchasing an ‘additional’ residential property will be charged a 3% surcharge on each of the threshold bands.
For more information on these updated rates and for help calculating the amount of SDLT you might owe on residential properties, use our stamp duty calculator.