Stamp Duty Increase Affects Buyers

This is a England news story, published by BBC UK, that relates primarily to House news.

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Stamp Duty Land Tax

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current stamp duty rates

BBC UK

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Business

Business & Economics

Stamp duty: What is it, how much is it and how is it changing?

Summary

Nutrition label

85% Informative

Stamp Duty Land Tax (SDLT) is a tax due if if you buy a property or land over a certain price in England and Northern Ireland , external.

The amount of stamp duty you owe depends on the cost of the property, whether it will be used for residential purposes, and whether you own any other property.

At the moment, buyers of homes worth less than Â250,000 don't pay any stamp duty.

From 1 April , this will be another 5% on properties worth up to Â125,000, with higher rates for more expensive purchases.

In Scotland and Wales you have 30 days from the point of purchase to pay the tax due. If it takes longer, you could face a fine, or be charged interest on the amount you owe. How do you pay stamp duty? House buyers often pay via their solicitors, but you can also pay directly online, or by cheque or cash in many banks. It is also possible to add stamp duty to mortgage loans and increase your debt to cover the cost of the tax, but you could end up paying significantly more in interest payments..

VR Score

Informative language

Neutral language

Article tone

semi-formal

Language

English

Language complexity

Offensive language

not offensive

Hate speech

not hateful