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Calculate your Stamp Duty (SDLT) for purchasing a property in West Midlands for £250,000
Calculate Stamp Duty Land Tax (SDLT) when buying a property in West Midlands for £250,000.
Calculate Stamp Duty has been setup as a simple website and tool to do just that ... Calculate your stamp duty land tax liability, when purchasing a new home or property in England, Wales and Northern Ireland.
When you buy a residential property in West Midlands that is greater than £125,000 then a Stamp Duty Tax levy is applicable.
Stamp Duty is due and payable if you:
From 4th December 2014 the Stamp Duty Land Tax system was overhauled by the UK Government. The old slab style system of taxation was replaced with a progressive tax system similar to UK income tax. The new residential rates are calculated as follows:
From the 1st April 2016, Stamp Duty rates for anyone purchasing an additional property in West Midlands will change. Additional property includes buy to let investments and second homes in West Midlands. Each bracket will essentially attract an additional 3% surcharge. The rates will be as follows:
Anybody purchasing a second home, buy-to-let property or additional home in West Midlands that is under £40,000, will not have to pay any Stamp Duty on the transaction.
You will not be liable for the higher rate of stamp duty (sdlt) if your residential property is:
These people will also pay the higher rate of Stamp Duty, if you buy a residential property in England, Wales or Northern Ireland and you already own one outside these countries.
Stamp Duty Land Tax no longer applies in Scotland. Instead you pay Land and Buildings Transaction Tax when you buy a property.
The SDLT tax must be paid within 30 days of completion.
Your Conveyancer or Property Solicitor in West Midlands files this return for you. You can save yourself time and money and get a West Midlands cheap conveyancing quote online now. Note: Be sure to find a Conveyancing Solicitor or Property Lawyer that offers a fixed fee conveyancing quote in West Midlands, this way you will avoid any nasty surprises or hidden fees..
Please make sure that before you exchange on your property, that you have accounted for the amount of Stamp Duty Tax that is due and that you have the funds available, to allow for the tax to be paid promptly. If you or your conveyancing solicitor does not file this in time, you could face a hefty fine.
You must pay Stamp Duty Land Tax (SDLT) if you buy a property or land over a certain price in England, Wales and Northern Ireland.
The current SDLT threshold is £125,000 for residential properties and £150,000 for non-residential land and properties.
If you need to contact Calculate Stamp Duty, you can drop us a line or email us using the contact details below.