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Even though you may have heard of stamp duty and seen it mentioned in the news, you could still be wondering, “what is stamp duty?” Depending on the price of the property you buy, you may have to pay stamp duty. Stamp duty is ‘land tax’, which must be paid before you can take possession of the keys. More...
Your solicitor is responsible for sending your stamp duty to the Inland Revenue. Until you pay stamp duty, your solicitor will be unable to register you as new owner of the property.
Irrespective of whether you must pay stamp duty, you will need to sign a Stamp Duty Land Tax form – also known as an SDLT form. Once you have signed the SDLT form, your solicitor will send it to the Inland Revenue on your behalf.
up to £125,000 (or £150,000) = 0%
over £125,000 to £250,000 = 1%
over £250,000 to £500,000 = 3%
over £500,000 = 4%
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