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Stamp Duty Research Paper

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How Does Stamp Duty Work?

Buyers in the process of purchasing a new home will need to be aware of Stamp Duty requirements. If you are buying a house worth more than £125,000, you will be required to pay Stamp Duty Land Tax (SDLT). Here we explain how Stamp Duty works, the cost and who is potentially exempt from paying.
What is Stamp Duty
You must pay Stamp Duty Land Tax if you buy property or land over a certain price in England, Wales and Northern Ireland. If you are a first-time buyer and your residential property or land costs more than £125,000, you are liable to pay Stamp Duty. Buyers purchasing their second home will need to pay Stamp Duty on a property or piece of land over £40 000. This tax applies to both freehold and leasehold properties …show more content…

But for many homebuyers this just isn’t possible. There are other circumstances in which Stamp Duty is either not payable or can be reduced:
Slightly over rate band – If the price of Stamp Duty is within a higher band, ask the seller or estate agent if they would accept a slightly lower price.
Transfer of property in separation or divorce – If you’re divorcing or separating from your spouse or partner, you will be relieved from paying Stamp Duty if you transfer a proportion of your home’s value to them.

Transfer of deeds – If you transfer the deeds of your home to someone else, either as a gift or in your will, they won’t have to pay Stamp Duty on the market value of the property. That said, if you exchange properties with another person, you will each have to pay Stamp Duty on the property you receive based on its market value.
How to Pay Stamp Duty
Usually your solicitor will deal with the Stamp Duty return and any payment due for you, although you can do it yourself if you prefer. Either way, you’re responsible for making sure it’s submitted on time. Even if the price of your new home is under £125,000 and you don’t have to pay Stamp Duty, you must still submit a

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