Stamp Duty

Owning a property is a serious commitment. Whether you’re a first-time buyer or are looking to up or downsize, purchasing a new home incurs a lot of different costs which you need to be aware of as you need to factor all of these costs into your purchase. One of the costs that many purchases get confused about is Stamp Duty.

Stamp Duty | The Meadows

What is Stamp Duty?

Stamp Duty Land Tax (SDLT) is a homeowner’s tax, that is charged by the government for the purchase and ownership of either property and/or land. This tax must be paid within 14 days of completion of your contract for your new home and only applies within England and Northern Ireland (Scotland and Wales are exempt from this tax).

Who is eligible to pay Stamp Duty?

You will be eligible to pay for Stamp Duty if you:

  • Have purchased a freehold property
  • Have purchased a new or existing leasehold
  • Have purchased a property through shared ownership
  • Have been transferred land or a property in exchange for payment.
Kitchen | The Meadows

What is the current Stamp Duty Threshold?

As of April 2023, Stamp Duty is only eligible for properties valued over £250,000. Properties valued from £250,001 – £925,000 will have an SDLT rate of 5%.

Development in Quadring | The Meadows

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