What is Stamp Duty?
Stamp duty land tax (SDLT) has applied since 1 December 2003 when it replaced stamp duty on UK land and buildings. SDLT is charged in bands which increase as the value of the property increases.
SDLT was restructured on purchases of residential property with effect from 4 December 2014 so that the charge is now made at different rates depending on the portion of the purchase price that falls within each rate band. SDLT on non-residential property is still calculated as a ‘slab tax’ whereby a single rate, determined by the value, is applicable to the whole amount.