Ch 7 - stamp duties Flashcards
Who is Stamp Duty Land Tax paid by? When must it be paid by?
Paid by purchaser within 14 days of ‘effective date’ of transaction
SDLT is assessed and paid under what procedures?
Self-assessment
What are the residential SDLT rates?
Up to £125,000 0% £125,001 to £250,000 2% £250,001 to £925,000 5% £925,001 to £1,500,000 10% Above £1,500,000 12%
What SDLT is paid on additional properties?
If it costs above £40,000, then 3% is added to the standard rates
If the purchased property includes self-contained accommodation, the accommodation will only be classed as a separate property if it is worth at least what of the purchase price?
A third
What SDLT is charged for residential leasehold property?
1% of the present value of the lease, if it exceeds £125,000
What SDLT relief is available for first time buyers?
No SDLT on property prices up to £300k
What SDLT is charged when corporate bodies/collective investment schemes/companies purchase residential property?
15%
If houses are exchanged, what SDLT is paid?
SDLT paid on market value
What SDLT is paid on carpets/furniture?
None (unless unreasonably high)
What is the rate of SD/SDRT?
0.5% (x0.005)
What is stamp duty rounded to?
Up to nearest £5
What is stamp duty reserve tax rounded to?
Nearest penny
When is Stamp Duty charged?
Only charged on transactions if they exceed £1,000
Is SD or SDRT paid on electronic purchases?
SDRT
