If you are purchasing a property, SDLT is something you need to be aware of as it can have a big impact on your budget.
SDLT, short for Stamp Duty Land Tax, is the tax payable to HMRC on the transfer of a property or the granting of a lease.
This tax needs to be paid within 14 days of the completion of a transaction and can be quite substantial.
The amount of SDLT paid does depend on a number of factors including:
– Purchase price
– Whether the property is residential or commercial
– Who is buying the property
– Whether the buyer has other properties already
In some cases SDLT isn’t payable but the return must be submitted.
At the end of the matter, we draft an SDLT return which provides all the details of the matter and at the end calculates the right level of SDLT payable.
If there is a payment to be made, this will then be paid after the return has been submitted.
To ensure you are completely aware of all the monies payable, we will provide you with an estimate of the SDLT payable at the beginning of the matter, on the basis of the information you have provided to us.
This will provide you with piece of mind and a good idea of exactly how much this will cost you.
If you have any questions about conveyancing, please contact our property department today.