Stamp Duty Land Tax Confusing? This new tax is confusing a lot of people who are moving home or buying a second home. In fact, not every phone call to HMRC will give you the correct answer. The current figure is £125,000. Any property above that price will incur a tax. For example Property or lease premium or transfer value SDLT rate Up to £125,000 Zero The next £125,000 (the portion from £125,001 to £250,000) 2% The next £675,000 (the portion from £250,001 to £925,000) 5% The next £575,000 (the portion from £925,001 to £1.5 million) 10% The remaining amount (the portion above £1.5 million) 12% You can work out the cost with HMRC calculator http://bit.ly/2rRSNIa. If there’s a delay selling your main residence and it hasn’t been sold on the day you complete your new purchase: • you’ll have to pay higher rates because you own 2 properties • you may be able to get a refund if you sell your previous main home within 36 months. • this is a complicated tax and you should consider talking to an Independent Mortgage Broker or your accountant for advice.

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