Stamp duty is levied by the Treasurer of the States on every contract passed before Court and Land Transaction Tax (LTT) is levied by the Comptroller of Income Tax on the transfer of any share in a share transfer company to which a specific right to occupy a residential unit is provided. The duty or tax is payable by the party acquiring the property (whether by purchase, lease or gift) and is not payable by the party who is disposing of the property. Stamp duty and LTT are also payable on all loans secured against the property or the shares. Stamp duty is payable on the value of the realty but not the contents.
It should be noted that various levels of discount are applicable in respect of stamp duty or LTT in some cases where the purchaser is a first time buyer. If you are a first time buyer, please use our First Time buyers calculator below.
The following information is provided for indicative purposes only and in order to procure a definitive quote you should contact your lawyer setting out the relevant circumstances. This firm accepts no responsibility for the information provided.
To find out if you qualify for the concessionary rate as a first time buyer please click here
Please note that low value lending stamp duty relief does not apply for equity release loans or buy to let mortgages. If this applies please contact a member of our team for more information.
Generally, mortgages attract stamp duty or land transaction tax at a rate of 0.5% plus the £80 registration fee.
For more details relating to re-financing or first time buyer rates for mortgages please click here
Stamp duty relating to a lease, sub-lease or licence to occupy premises or transfer or extension of a lease, sub-lease or licence is determined by multiplying the annual rental (which must be the market value) stipulated in the contract by the number of years (including rounding up any fraction of the year upwards) up to a maximum term of 21 years.
For more details relating to stamp duty on leases please click here
The above information is provided for indicative purposes only and in order to procure a definitive quote you should contact your lawyer setting out the relevant circumstances. This firm accepts no responsibility for the information provided.
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