What is Stamp Duty Land Tax?
The Stamp Duty Land Tax or SDLT is a charge that some people need to pay when they purchase a property. It has been designed to be an additional source of funding for the government. The rates of the SDLT have been carefully calculated and set by the UK government in order to create an incentive for people to take out mortgages instead of buying properties outright.
How is Stamp Duty Land Tax calculated?
The rate of the SDLT is calculated by taking the chargeable consideration and then multiplying it by an SDLT rate. The rates can be between 0% and 12%, depending on the situation and the amount of money you are spending on purchasing your property. In Some case you could be due a stamp duty refund
Who introduced Stamp Duty Land Tax to property purchases
Stamp Duty Land Tax was introduced by the UK Government in order to provide an incentive for people to take out mortgages instead of buying property outright. The rates are calculated based on the chargeable consideration and then multiplied by a Stamp Duty Land Tax rate (0% – 12%). To understand how this tax works, one must first know what it is. This article will explain what Stamp Duty Land Tax is and how it is calculated. It will also cover who introduced this tax for property purchases.
What Stamp Duty Land Tax refunds are available?
The SDLT is refunded in several different circumstances, including when homes are transferred from parents to children, when homes are handed over as part of a divorce settlement, or where an individual has paid stamp duty and has also received a subsequent exemption.