What Is Stamp Duty Land Tax (UK) & Why Do We Have To Pay It? Artwork

PCS Legal Podcast

Welcome to the PCS Legal Podcast. We are a firm of specialist Property lawyers regulated by the CLC. We hope to provide information on general conveyancing. You must always contact our offices for specific advice relating to the property you are looking to buy or sell to ensure the advice we give is suitable and relevant to your transaction.

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PCS Legal Podcast

What Is Stamp Duty Land Tax (UK) & Why Do We Have To Pay It?

May 11, 2022

So in this podcast we discuss the following topics:
"What is Stamp Duty?" (UK)
"Why do we have to pay it?"
"How can buyers reduce stamp duty or possibly avoid paying it?"

Stamp Duty is a conditional tax paid, when you buy land or a residential property, generally over the value of £125,000, second home buyers pay an extra 4& on properties more than £40,000.
Stamp duty applies to both freehold and leasehold whether you're buying a property with your own money or using a mortgage.

Stamp Duty covers the legal cost for the transaction process involved in purchasing the property. You have to pay Stamp Duty on completion and your lawyer will discharge this liability at the inland revenue within 14 days of the completion date. If it's not paid in time the revenue might charge you interest and a penalty.

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