Q:

Do I have to pay stamp duty on my property?

A:

Quick Answer

Stamp Duty Land Tax, or SDLT, is charged on all property bought in the United Kingdom, including houses, flats, other buildings and land. However, the SDLT rate is zero percent until the price of the property is higher than ?125,000, notes GOV.UK.

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Full Answer

The SDLT rate increases as the purchase price of the property increases. The maximum rate for an individual residence is assigned to properties costing over ?2 million and caps at 7 percent. Corporate bodies are charged at 15 percent for residential property that costs more than ?500,000, although there are exceptions. Leasing a property can also incur an SDLT if the lease is more than ?125,000. This is at a rate of 1 percent for the total amount over ?125,000, according to GOV.UK.

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