LEGAL AND FINANCIAL
Stamp Duty Land Tax: Higher RatesFor Additional Properties
Stamp Duty Land Tax(SDLT) is paid when property is bought or transferred in the UK, however from 1April 2015 SDLTnolonger applies in Scotland but has been replaced by the Lands and Buildings Transaction Tax. More information about this can be found at
revenue.scot/land-buildings- transaction-tax.
So what happens if you are thinking of buying additional properties to that of the one designated as your ‘family home’? From 1 April 2016, the rates for Stamp Duty Land Tax (SDLT) increased if you buy an additional residential property in England, Wales and Northern Ireland.
Purchase price up to £125,000
SDLT 3%
£125,001 to £250,000 5% £250,001 to £925,000 8% £925,001 to £1.5 million 13% over £1.5 million
15% If you already have two or more –If
that main residence has already been sold. If you buy anew main residence but the sale for your previous main residence is delayed you’ll pay the higher rate as you still own two properties.
be careful!
However you will be able to get a refund for the amount above the normal SDLTrates if you sell your previous main residence within 3 years. Arefund must be claimed within 3months of the sale of the previous main residence or within 12 months of
A.
www.zoopla.co.uk.
in Scotland too.
28
Autumn 2016
raf-ff.org.uk
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