Specialists In Stamp Duty Land Tax
As specialists in this complex area we provide advice on Stamp Duty Land Tax (SDLT) to assist in determining the precise impact in respect of specific transactions, and to help in identifying any potential to reduce the exposure to the charge. Our specialist SDLT service provides you with expert advice according to your specific needs.
What Is Stamp Duty Land Tax?
Stamp Duty Land Tax (SDLT), referred to frequently as Stamp Duty, was introduced by the Finance Act 2003, and replaced the previous Stamp Duty regime for land transactions.
The new scheme is based on the previous, and applies to all transactions in land including long leasehold interests. Since its introduction in 2003 the tax has been subject to a number of revisions which have made it increasingly complex.
SDLT is charged as a percentage of the purchase price above a nil-rate band. The current percentages that apply to a land transaction differ, depending on whether or not it is entirely residential in nature.
Until 5 April 2011 the percentages applying to residential property and non-residential land and buildings were at the same rate, other than a slightly lower nil-rate band for the purchase of residential property. The residential property percentages since that date have been gradually increasing, whilst the non-residential land and buildings percentages have remained relatively static.