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If you're buying a home that costs over £500,000, then you will have to pay Stamp Duty Land Tax on your purchase.
The current rates are listed below and were effective from midnight 8th July 2020 until 31st March 2021:
|Stamp Duty Rate|
|Over £1.5 Million||N/A||12%|
How to Pay Stamp Duty
You will need to submit a Stamp Duty Land Tax return and pay what you owe within 30 days of completion.
If the purchase price of your new home is under £500,000, you must still submit a return even though you won't need to pay any Stamp Duty.
Usually your solicitor will deal with the Stamp Duty return and payment for you, although you can do it yourself. But either way, you're responsible for making sure it's all submitted on time. A £100 penalty plus interest will be charged if it is not paid within the 30 days.
If you have any enquiries or further question regarding Stamp Duty when purchasing your property then please contact us