Conveyancing

Stamp Duty Land Tax

25.03.2010 NEWS

As of the 25th March 2010 until 25th March 2012, there will be a Stamp Duty relief for purchases of residential property up to £250,000 for first time buyers who intend to occupy the property as their only or main home.

For information of HM Revenue & Customs’ requirements to qualify under the scheme please see their website at http://www.hmrc.gov.uk/budget2010/sdlt-qa-tech-1545.htm or contact Graysons Conveyancing Department for more information on 0114 2729184.

Stamp Duty Land Tax (SDLT) is charged on the purchase price of property and land in the UK.

The current rates for residential property are:

HM Revenue and Customs require that a return be submitted, together with payment, within 30 days of the date of the transaction, which is usually the completion date. Even when the transaction falls into the zero rated tax band you are still required to submit a return.

We will complete the form for you to sign, however we must emphasise that you are ultimately responsible for ensuring that the information is accurate.

The SDLT form must be submitted within 30 days, otherwise penalties come into effect. There is a fixed penalty of £100 for delay in submitting the form and the penalties increase the longer it is delayed.

Contact us for a consultation or follow the links for more information.