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Stamp duty update from Lester Aldridge in life matters for Lymington

Stamp Duty Land Tax update

The threshold for stamp duty tax reduces to £125,000 from 1 October: Lester Aldridge updates us on the details and the exceptions  

Ed note: This month's "Life Matters" article by Lester Aldridge is yet another timely one. The "extra" stamp duty relief so many have enjoyed ends at the end of this month and goes back to £125,000. But it's a bit more complicated than that, inevitably! 

Remember that there's always help on hand at Lester Aldridge from an experienced solicitor in any area of the law, pick up the phone to them about any legal matter which concerns you - see below.!

If you have any questions regarding stamp duty or any other questions about buying a property, email Lester Aldridge's dedicated property solicitors at This email address is being protected from spambots. You need JavaScript enabled to view it. or call 01202 786357.

stamp duty land tax

Stamp Duty Land Tax

Stamp Duty Land Tax otherwise known as Stamp Duty or SDLT is a tax you are required to pay if you purchase a property in England. There is a separate tax that you have to pay on a property you purchase in Wales.

The SDLT threshold up to 1 October 2021 for residential properties is £250,000. From 1 October 2021, the SDLT threshold for residential properties will reduce to £125,000. This means that you will be required to pay SDLT on properties you purchase at a price of £125,001 or more.

First time buyers do get additional benefit 

First-time buyers will benefit from SDLT relief meaning that they may not pay any SDLT for the purchase of a residential property.  From 1 October 2021, first-time buyers will benefit from 0% stamp duty on the first £300,000 of a purchase price of no more than £500,000. The relief will apply if the buyer(s) meet the following two conditions:

  1. you and if applicable, the person/people you are buying with are first time buyers; and
  2. the purchase price of the property is £500,000 or less.

If you are buying a property with your partner who has already owned a property or owns a property then you will not be able to benefit from the relief.

If the property you are purchasing is £500,001 or more then you will not be able to benefit from the relief.

Buyers buying buy-to-let and second homes in England will have to pay a higher rate of SDLT which is an additional 3%.

If a buyer or one or more of the buyers is a non-UK resident then an additional surcharge of SDLT may be applied.

If a purchase is non-residential being a commercial, agricultural or other non-residential purchase then separate rates of SDLT will need to be considered.

If you instruct a solicitor to act on your behalf then they will usually file your SDLT return online with HMRC and pay the SDLT on the day of completion (if applicable). 

Stephanie Adams Lester AldridgeThere may be other SDLT reliefs available to you and it is advisable to speak to your legal advisors to ascertain the level of SDLT payable on your purchase and whether you may be able to benefit from any reliefs.

If you have any questions regarding stamp duty or any other questions about buying a property, please email our dedicated property solicitors at This email address is being protected from spambots. You need JavaScript enabled to view it. or call 01202 786357.

Stephanie Adams, Partner

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Life Matters is a regular monthly feature on Lymington.com, which covers a wide range of legal subjects and is always written by one of the Lester Aldridge team. You can see a list of all published articles by clicking to the Lester Aldridge Solicitors webpage on Lymington.com here.

 

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