Stamp Duty Relief
Stamp Duty Relief
First Time Buyers’ Relief
If you, and anyone else you’re buying with, are first time buyers of a residential property you’ll pay 0% on the first £300,000 and 5% on the remainder up to £500,000. If the purchase price is more than £500,000 you cannot claim the relief and you must pay the standard rates on the total purchase price.
Multiple Dwelling Relief
If you are buying more than one property you can potentially claim multiple dwelling relief, whereby you divide the total amount paid for the properties by the number of properties, work out what the SDLT would be on this figure and then multiple this by the number of properties being purchased. The minimum rate of tax under the relief is 1% of the amount paid for the properties.
Building company buys an individual’s home
If a building company or property trader buys a home from someone who is buying a new build property from them, the property bought by the house builder or property trader is exempt from SDLT if certain conditions are met.
Employer buys employee’s house
If an employer or property trader buys an individual’s house because they’re moving with their work, the purchase is exempt from SDLT if certain conditions are met.
Stamp duty relief can be a complex area and all require specific conditions to be met in order to qualify. We work with a specialist SDLT calculation business who will be able to assess your circumstances and advise whether any savings are possible.
For more information call us today on 01282 695 400 or complete the form below. You can also download the SDLT Compass guide to paying the right amount of tax here. Our Head of Conveyancing, Emma Moore, explains below how using the Compass SDLT system benefits our clients.
