UK Stamp Duty Land Tax(SDLT) is a charge on property transactions and came into effect on 1st December 2003. Stamp Duty land tax replaced the old stamp duty system which dated back over 300 years.

Stamp duty taxation is limited to the acquisition of property & land situated in the UK, the boundary being the low water maerk of every part of the UK which borders the sea.

UK Stamp Duty Land Tax (SDLT) is payable on all property purchases over a certain purchase price, and the charge appplies to all purchases of houses, flats, lands and buildings.

The rate of tax is a percentage of monitory transaction, the amount being rounded down to the nearest pound.

Stamp duty rates have been reviewed in recent times and in the 2010 budget new stamp duty rates have been set for first time buyers and for more expensive property transactions.

 

Stamp Duty Rates

 

Up to £125,0000%

£125,001 to £250,0002%

£250,001 to £925,0005%

£925,001 to £1,500,00010%

£1,500,001 and over12%

 

Please note that if you already own a property, your stamp duty obligation may be subject to an additional 3%.