Stamp Duty Land Tax (SDLT) is a vital consideration when buying property in the UK. Here’s our guide to help you understand the current rates and regulations:
Buying a Home- What is Stamp Duty?
Stamp Duty Land Tax (SDLT) is a tax paid on property purchases in England and Northern Ireland. The rate you pay depends on the property price and your buying status.
Current Rates for Property Purchases (as of 2024):
- Up to £250,000: 0%
- £250,001 to £925,000: 5%
- £925,001 to £1.5 million: 10%
- Above £1.5 million: 12%
These rates will apply to anyone looking to buy a house, flat, or bungalow in Worthing or the surrounding areas in Sussex.
First-Time Buyer Relief
First-time buyers don’t pay stamp duty on the first £425,000 of a property worth up to £625,000. For properties above this value, standard rates apply.
Second Homes and Buy-to-Let
An additional 3% surcharge applies on top of standard rates for second homes and buy-to-let properties. This impacts property owners looking to invest in the real estate market. Talk to our team of property experts for advice on property letting, including flats to rent and houses to rent in Worthing and other areas across Sussex.
Non-UK Residents
A 2% surcharge is applied for non-UK residents purchasing residential property in England and Northern Ireland. This is an essential consideration for international investors looking at property to buy in Sussex.
Property Sales in Sussex
Understanding these rates and exemptions can help you plan your property purchase more effectively. For personalised advice on stamp duty and how it affects your property transactions in Worthing and across Sussex, contact Alexander Philips. Whether you’re looking to buy a flat, sell your house, or explore property letting opportunities, our expert team is here to guide you through the process.
