Stamp Duty on buying land?
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nanete
Apprentice
Joined: 12 Feb 2005
Posts: 6
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 Posted: 12/31/07 - 08:36 Post subject: |
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| Hello everybody! My husband’s family owns a vineyard for generations. Business has been going good so far but we are planning some expansion in the near future. We have found some nice land near our property which is quite convenient. Another good thing is that the price is very reasonable. What I would like to know is whether there is a Stamp Duty on buying land. I hope someone will help me around this issue. Thank you in advance. |
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valeria
Apprentice
Joined: 10 Dec 2004
Posts: 8
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| Posted: 01/30/08 - 00:58 Post subject: |
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| Hi there! Answer on your question is yes. Stamp Duty land tax, or SDLT, is required for all the transactions of property. This case of yours is a classic example of property transaction. So, you must fill in a land transaction return and send it to the revenue service within six weeks, I think, after the transaction. When you make the payment, you will get land transaction return certificate. Only after that you will be able to register you new land. Rates for SDLT are on a slab basis and go up to 4%. What can happen is that this land is on the list of so called “disadvantaged area”. If this is the case, and value of the land is less than 150 000 pounds, then you won’t have to pay SDLT. That would be all about SDLT. I hope you will get your new land soon. Bye! |
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