Property tax changes
Published by Michael Graves on Tue, 20/07/2021 - 8:50am
Property tax changes
From 1 July 2021 there are changes to the Stamp Duty Land Tax (SDLT) and Land Transaction Tax (LTT) bands for residential property.
SDLT is payable by the purchaser in a land transaction occurring in England and Northern Ireland. The following rates and thresholds apply for SDLT from 1 July 2021 to 30 September 2021:
|
Residential property |
Band % Rates |
|
£0 - £250,000 |
0 |
|
£250,001 - £925,000 |
5 |
|
£925,001 - £1,500,000 |
10 |
|
£1,500,001 and over |
12 |
LTT is payable by the purchaser in a land transaction occurring in Wales. From 1 July 2021 the rates for residential property are:
|
Residential property |
Band % Rate |
|
Up to £180,000 |
0 |
|
£180,001 - £250,000 |
3.5 |
|
£250,001 - £400,000 |
5 |
|
£400,001 - £750,000 |
7.5 |
|
£750,001 - £1,500,000 |
10 |
|
Over £1,500,000 |
12 |
There are no changes to the rates and bands for Land and Property Transaction Tax which apply in Scotland.
Internet links: SDLT rates LTT rates