Stamp Duty Land Tax (SDLT) is a tax on residential properties in the UK that is payable when a property is purchased. The amount of SDLT that must be paid depends on the value of the property and the buyer’s personal circumstances. In this article, we’ll take a closer look at the current residential property rates for SDLT in the UK.

For properties worth up to £125,000, there is no SDLT to be paid. For properties between £125,001 and £250,000, the SDLT rate is 2%. For properties between £250,001 and £925,000, the SDLT rate is 5%, and for properties between £925,001 and £1.5 million, the SDLT rate is 10%. Properties worth over £1.5 million are subject to a SDLT rate of 12%.

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There are some exemptions to these rates, including for first-time buyers, who are exempt from paying SDLT on properties worth up to £300,000. There is also a reduced rate of 5% for properties purchased for less than £500,000 that will be used as the buyer’s main residence.

It’s important to note that the rates and exemptions for SDLT are subject to change, so it’s always a good idea to check the latest information from the government website before making a purchase.

In conclusion, if you’re considering buying a residential property in the UK, it’s important to consider the SDLT rates and exemptions that may apply to you. By being aware of these factors, you can better plan your finances and make an informed decision when it comes to purchasing a property.

While the article was up to date at time of press, SDLT can change at any time so always check the government websites for latest Stamp Duty rates.

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