SDLT warning - Taylor&Emmet LLP | Sheffield Solicitors

ALL BUYERS MUST READ THIS

CHANGES TO STAMP DUTY LAND TAX (SDLT) FROM 1ST APRIL 2016.


If, as a result of your property purchase, you will own or have an interest in more than 1 property, anywhere in the world, you may have to pay a 3% surcharge on the whole of the price of the property that you are buying.

For example, if you buy a “Buy to Let” after 1st April 2016 for £200000 and you already have your main residence, you would have to pay the usual Stamp Duty on £200000, which is £1500, together with an ADDITIONAL 3% OF THE WHOLE PRICE, THAT IS AN EXTRA £6000, so the total Stamp Duty would be £7500.

This is one example only. There are lots of different scenarios depending on individual circumstances.

The Government guidance is to be found here: Please go to www.gov.uk for more information

You will see that the new arrangements are complex. As the taxpayer, it is your responsibility to make sure that you are paying the right amount of tax, so be careful as an error could cost you THOUSANDS of pounds.

Please make sure that you fully understand the implications of your transaction in relation to the possibility of additional Stamp Duty. If in doubt, ask!

Taylor&Emmet LLP - 1st April 2016

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If you are interested in understanding how Taylor&Emmet can help you with house move, sale or any property matters then please contact:

John Outram

John Outram

Partner - Conveyancing

0114 218 4048

Email: john.outram@tayloremmet.co.uk

Office: Sheffield

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