Stamp duty land tax (SDLT) is one of Shaz’s favourite topics but is also one of the least understood in taxation.

Shaz takes a look at how stamp duty land tax works and some of the rules and procedures that apply to it, including the thresholds for different bands of payment and some of the rules around uninhabited properties and multiple purchases. Listen in and learn more

 

KEY TAKEAWAYS

• Stamp duty land tax applies to both freehold and leasehold land and property
• The rate of tax paid depends on the size of the property and if it is residential or mixed use
• Stamp duty land tax is a tax on the transactions themselves
• For non-UK residents, there is an additional 2% surcharge  payable on any property purchased in England and Wales
• A stamp duty land tax return must be sent to HMRC and the tax paid within fourteen days of the effective date
• If you think you may be entitled to any exemption seek advice from a specialist
• Between 2019 -2020  revenue collected from stamp duty land tax  amounted to around 11.6 billion, a significant figure
• If you buy more than 6 individual dwellings in one transaction it can be considered a commercial transaction
• You can claim multiple dwellings relief when you purchase more than one property in a transaction
• If you can evidence a property being in a particular state on the effective date you can pay non-residential rates of stamp duty land tax
• Stamp duty land tax is a complicated area and there are many exemptions and reliefs

 

BEST MOMENTS

‘Before you buy a property you must do the maths and give yourself the options and see which one gives you the best outcome’

‘It’s usually better to seek a refund after paying the initial rate of stamp duty land tax’

 

VALUABLE RESOURCES

[email protected]

 

ABOUT THE HOST

Shaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.

Shaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultations he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.

He is a huge advocate of having multiple streams of

income. He has written a number of business books and regularly contributes articles to mainstream media outlets.

You can find Shaz on:

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