Stamp Duty SavingsMake moving to a Redrow home more affordable.
What is Stamp Duty?
Stamp Duty Land Tax, often referred to as SDLT or Stamp Duty, is a tax due on all property purchases, new or pre-owned. If you’re not a first-time buyer, this applies to all properties worth over £125,000, and affects second houses worth more than £40,000. It applies to both flats and houses, and comes into effect when you purchase land or other buildings too.
Before December 2014, the figure was just a uniform percentage of the total purchase price. But now it ranges from 0% on the first £125,000 of the property price, to 12% of the value over £1.5m. The tax in the rate bands increases with the overall property value at the time of purchase.How Do You Pay Stamp Duty?
Your solicitor or conveyancer is normally the person who pays stamp duty on your behalf, however you can pay HMRC directly if you so choose. All stamp duty must be paid within a maximum of 30 days after completion.