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We are always happy to put the kettle on and have a chat about Stamp Duty Rebates. If you are too busy then we are always on the end of the phone or email.

Frequently Asked Questions

What is stamp duty?

Stamp duty, otherwise known as stamp duty land tax, is a compulsory tax that must be paid after buying a new property or land to HM Revenue and Customs (HMRC) if the purchase price of the property or land is within or above specific price thresholds.

SDLT returns must be filed to HMRC and SDLT paid within 14 days of buying the property or land, otherwise you may be subject to fines of up to £200.

SDLT is applicable to properties and land in England and Northern Ireland. So, if you plan on buying property or land in England or Northern Ireland, it would be a good idea to check the rate of stamp duty to find out how much SDLT you may owe after purchasing before completing the sale. This way, you can better budget for the total cost of the property.

How does stamp duty work?

SDLT is a one-off payment and cannot be paid in instalments, nor with a credit card.Some property or land transactions are exempt from SDLT, and you could claim reliefs or discounts that could lower the amount or potentially void the amount of SDLT that you pay.

In the case of the former, you don’t have to fill out the SDLT form or send payment to HMRC – however, you would still need to submit a SDLT return to HMRC upon completion of sale for the latter.

How much is stamp duty?

SDLT applies to properties worth more than £250,000. If the cost of the property or land is below this value, then you fortunately don’t have to pay SDLT at all.

The UK Government changed the SDLT rates on 23 September 2022, meaning that the previous stamp duty rates between 1 October 2021 and 22 September 2022 are not applicable to any property or land purchased in England and Northern Ireland after 22 September 2022.

There are different rules if it is a second home or buy to let which our experts can explain.

Who pays the stamp duty?

The SDLT system is currently self-assessment based, which means that it is your responsibility (with guidance from your solicitor or conveyancer) to submit correct SDLT returns and to pay HMRC on time.

However, your conveyancer or solicitor will usually pay this on your behalf and will include it on their invoice or service fees. Therefore, it’s important to keep an eye out on the SDLT charge on receipt of their services to ensure that any SDLT owed has been paid accurately and on time.

If HMRC decides to check SDLT returns, you’re in a better position if you keep records of the SDLT transactions for at least 6 years from the date of completion.

Remember – SDLT must be paid and the SDLT return filed to HMRC within 14 days of the exchange of contracts Penalties for late payments include fines and additional interest.

If you find that your solicitor did not pay nor submit a SDLT return for you, you can do this yourself via the HMRC website.

Second home that is in need of repairs?

When purchasing a second home that is in need of repairs, it's important to know that you may be able to claim back stamp duty on that property.

This can result in significant savings and is worth exploring if you are in the process of buying a second home that has issues of disrepair.

What makes a property unfit for human habitation?

In the UK, a property is considered to be uninhabitable if it does not meet the minimum standards for health, safety, and general living conditions.

This can include issues such as a lack of basic amenities, such as running water, electricity, and sanitation, as well as structural issues that make the property unsafe to live in, such as a leaking roof or dangerous wiring.

A property that lacks basic facilities like a kitchen or bathroom is also considered uninhabitable.

A property that is infested with pests or vermin, or has mould or damp issues, also falls under the uninhabitable category.

It's important to note that while a property may be considered uninhabitable, it may still be able to be lived in temporarily while repairs are made. However, in order to qualify for a reduction in stamp duty, the property must be uninhabitable and require significant repairs before it can be lived in.

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