Understanding Stamp Duty Land Tax

May 25, 2021 1:57 pm

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Buying a property can be a bit of a minefield, full of technical jargon and things that are not always clear. One of the things that can often cause confusion, because it can change fairly regularly is the matter of stamp duty, or to use the correct name, stamp duty land tax.

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Stamp duty is a tax that is paid when you purchase a property, or land to build a property on. It applies to property or land in England or Northern Ireland, but Wales and Scotland do have similar systems, so it is worth looking into this if you are moving to either Wales or Scotland.

 

Currently, the Chancellor has put a stamp duty holiday in place, in order to encourage the housing market to prosper during these difficult financial times. This stamp duty holiday applies to homes and land under £500,000.

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If you have missed out on this however, it may be possible to claim a stamp duty refund. There are many circumstances in which this is possible, so it is well worth looking into it to see if this applies to you.

 

It is something that can be a bit complex, and the rules seem to be ever-changing, particularly at the moment when everything seems to be a bit up in the air, so it is a good idea to look into it – as you may not have previously been eligible but now you may well be.