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Ensuring Security In Online Fund Transfers: Understanding Fraud Prevention And Risk Mitigation In England and Northern Ireland, you must pay Stamp Duty when purchasing a residential property or a segment of land that costs more than £125,000.
There are various rate bands for the tax.
Second homes and Stamp Duty
If you are buying additional residential properties that cost more than £40,000 – buy-to-lets and second homes, for example – you must pay an additional 3 per cent in Stamp Duty, along with current fees according to the rate band the property falls into.
You can ask for a refund if you sell your former main residence within the space of three years and if you make a claim within three months of the sale date.
First-time buyers
First-time buyers do not pay Stamp Duty on properties costing up to £300,000, which means they can save up to £5,000.
With properties worth up to £500,000, no Stamp Duty is payable on amounts up to £300,000. Buyers pay Stamp Duty on the amount that’s left, up to £200,000.
If you need a home buyers report Oxfordshire offers firms including https://www.samconveyancing.co.uk/Homebuyers-Survey/Home-Buyers-Survey-Oxfordshire.
There is government advice on Stamp Duty at https://www.gov.uk/stamp-duty-land-tax.
Stamp Duty and joint ownership
If you’re buying a property together with your spouse, you should both qualify as first-time buyers.
Unmarried partners can get a Stamp Duty reduction if the person named in the mortgage deed qualifies as a first-time buyer.
If the property is just in one name, the lender will base how much to lend solely on that person’s income, and you or your partner could have vulnerable legal status.
Paying Stamp Duty
A Stamp Duty Land Tax (SDLT) return and any SDLT payments owed must usually be received within 14 days of the date of completion.
If your new home costs less than £125,000, a return is still due, even though you don’t pay. Generally, your solicitor will take care of the Stamp Duty return.
When Stamp Duty doesn’t apply
Stamp Duty doesn’t apply if you have a property that costs less than £125,000.
If you’re separating or divorcing from your partner, Stamp Duty isn’t payable if you transfer a portion of the value of your house to them.
If you transfer your home’s deeds to somebody else, they don’t need to pay Stamp Duty on the market value of the property.
