Buying a home comes with lots of additional costs on top of the property itself. One of the biggest of these is Stamp Duty. However, recently there have been a few changes to stamp duty rules, which may make it even more confusing for people looking to move house in the future!
What is Stamp Duty?
Stamp Duty Land Tax (SLDT for short) is a tax that is paid on the purchase of a residential property in Northern Ireland or in England – although Scotland and Wales also have similar taxes. If you are buying land to build a property on, you may also have to pay stamp duty on the land you are purchasing.
How Much Stamp Duty do you Pay?
This is where it can be confusing, as there are many factors which can dictate how much stamp duty you pay or indeed whether you have to pay it at all – you may have seen on the news in the past year that the stamp duty land tax is being stopped on all properties under £500,000 until 30th June 2021.
Can I get a Stamp Duty Refund?
Many people are not aware of the fact that they may be eligible for a stamp duty refund. There are a number of things that can make you eligible for this so it is worth looking into it – somewhere such as https://www.sentientsdlt.co.uk/ can help you if you think that you may be due a refund on stamp duty even if it was longer than a year ago that you purchased a property.