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UK Stamp Duty changes 2016

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Published: 18/04/2016   Last Updated: 18/04/2016 12:51:03   Tags: Stamp Duty, Residential, Property

Stamp Duty Land Tax (SDLT) is a tax paid when purchasing a residential property (freehold, leasehold or shared ownership) over £125,000 in England, Northern Ireland and Wales. The tax is due to be paid in full within 30 days of completion of sale.
Since December 2014, rates were payable only on the portion of a property price which falls within each band. For example, if you brought a property for £750,000 you would pay no stamp duty on the first £125,000, then 2% between £125,001 to £250,000 and 5% above £250,001.
From April 2016, the existing stamp duty rates are increasing by 3% for people who are purchasing their second home or a buy-to-let or holiday home. This includes if you buying with a partner and only one of you owns a home. If you are buying a second home to replace your existing home, a surcharge will need to be paid without selling your home first. Nevertheless, a refund can be requested if you sell your first home within 3 years. The surcharge still applies if you are first time buyer in the UK but you are an owner of a property abroad.