Stamp Duty Land Tax Calculations Flashcards
What are the different SDLT bands for residential transactions?
1) Up to £250,000
2) Over £250,000 up to £925,000
3) Over £925,000 up to £1,500,000
4) Over £1,500,000
What are the rates for the different SDLT bands for residential transactions?
1) Up to £250,000 – 0%
2) Over £250,000 up to £925,000 – 5%
3) Over £925,000 up to £1,500,000 – 10%
4) Over £1,500,000 – 12%
If a property is £350,000, what is the SDLT payable?
£5,000 (5% of £100,000)
Are contents part of the purchase price?
Typically they are separated, but if not, will form part of the purchase unless valued separately and particularly valuable
What is the SDLT relief for first time buyers?
No SDLT for £425,000 – and then 5% on anything over (as long as it is not exceeding £625,000)
Is a first time buyer available for relief if the property is worth £670,000?
No
If there is more than one person buying, can the first time buyer claim the relief?
No, unless all buyers are first time buyers
What is the rule on SDLT for second properties?
3% is charged on the whole of the purchase price
How would you calculate SDLT for second properties?
- Calculate SDLT like normal
- Add 3% onto the contract purchase price (i.e., 3% of £300,000 house)
What is the SDLT bands and rates for non-residential transactions?
1) Up to £150,000 – 0%
2) Over £150,000 up to £250,000 – 2%
3) Over £250,000 – 5%
Is there first time relief for buyers for LTT?
No
What is the difference between SDLT and LTT?
SDLT is less for second property buyers, and provides first time buyer relief. LTT doesn’t.
What is LTT on residential transactions?
1) Up to £225,000 – 0%
2) Above £225,000 up to £400,000 – 6%
3) Above £400,000 up to £750,000 – 7.5%
4) Above £750,000 up to £1,500,000 – 10%
5) Above £1,500,000 – 12%
What is LTT on non-residential transactions?
1) Up to £225,000 – 0%
2) Above £225,000 up to £250,000 – 1%
3) Above £250,000 up to £1,000,000 – 5%
4) Over £1,000,000 – 6%
