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You might have to pay Stamp Duty if you buy a residential property in England or Northern Ireland that costs more than a certain amount, or if you buy a piece of land that costs more than that amount. Whenever you are buying a property over the threshold, you have 14 days after the date of completion to pay stamp duty to HMRC or you will risk a fine if you do not pay in time. 

It is likely that your solicitor or legal adviser will look after this for you and ensure that the deadline is not missed. In some cases, it may be more convenient for buyers to include the stamp duty tax amount in their mortgage loans. 

Stamp Duty is an increasingly complex area of tax and we are often asked to advise solicitors and clients on the correct SDLT position. There are often circumstances where savings can be made on Stamp Duty. If you are not sure that you have been assessed correctly for SDLT or would like to know if you could make a saving then get in touch.

We would like to remind you that the following calculator and commentary are for general information only and should not be relied upon. Despite our best efforts, this information may not be up-to-date or complete and may only apply to certain types of residential properties in England and Northern Ireland. It does not constitute any form of advice in any way.

If you have further questions feel free to talk to us about your landlord accountancy queries by getting in touch at 0800 907 8633, via tax@fixedfeetr.com or via our online contact form to speak to one of our specialist tax advisors.

If you found this article helpful then why not read our guide on how far back does the let property campaign go or how to avoid inheritance tax on property next?

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