When purchasing a property (residential, commercial or mixed use) or land in England you must pay Stamp Duty Land Tax (SDLT) to the government if the purchase is over £125,000 for residential properties or £150,000 for non-residential land and properties.
Is it as simple as that?
Straight answer is no! SDLT is complicated, often administered incorrectly or not always fully understood. Often it is calculated by a professional at face value, but commonly there is opportunity in the detail. This can ultimately mean you may pay more than necessary which could make a property or land unaffordable and out of reach.
For non-UK residents there is a 2% surcharge when purchasing a residential property, which started on the 1st April 2021. The conditions are complicated and we would recommend you get advice before purchasing.
There is also a 3% surcharge if you purchase additional residential homes (such as Buy to Lets or a holiday home for example). Again this is complex and there are various types of properties that are exempt so we would recommend getting advice before making your purchase.