Stamp Duty & Stamp Duty Land Tax (SDLT)
Stamp Duty and Annual Tax on Enveloped Dwellings Shares and securities rate 0.5% The annual tax on Enveloped Dwellings (ATED) is payable by certain non-natural Stamp Duty and Stamp Duty Land Tax (SDLT)
The temporary SDLT holiday extending the nil rate band to £500,000 applies until 30 June 2021. No SDLT is payable for first-time buyers making a purchase of up to £300,000. The first-time buyers rate is superseded by the temporary SDLT holiday until 30 June 2021. The relief also applies to the first £300,000 for purchases up to £500,000. There is no relief available for first-time buyers spending more than £500,000 on a property. There are a number of requirements that must be met in order to qualify for the relief. A 2% surcharge on non-UK residents purchasing residential property applies from 1 April 2021. SDLT on non-residential and mixed used properties.
These rates are applied on a graduated basis with the portion of the purchase price within each tier charged at the applicable rate. 15% is applied to residential properties held in a ‘corporate envelope’ costing over £500,000. There is a higher rate of SDLT that applies to purchases of additional residential property such as buy to let and second homes. A higher rate of SDLT applies to purchases of additional residential property such as buy to let and second homes. This rate is 3% higher than the current SDLT rates. Scotland: Land & buildings transaction tax (SLBTT)
Non-Residential and mixed use properties.
These rates are applied on a graduated basis with the portion of the purchase price within each tier charged at the applicable rate. There is a 4% SLBTT supplement for purchases of additional residential properties. There is a First Time Buyers Relief from SLBTT for properties under £175,000 Wales: Land Transaction Tax (WLTT)
It is important to note that there is a temporary WLTT holiday extending the nil rate band to £250,000 until 30 June 2021. There are currently no further measures specifically targeting first-time buyers in Wales. There is a WLTT higher rate supplement of 4% on purchases of additional residential properties. Non-Residential and mixed use properties.
These rates are applied on a graduated basis with the portion of the purchase price within each tier charged at the applicable rate.
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