Get the free Higher rates of SDLT on purchases of additional residential ... - Gov.uk - spae

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How to fill out higher rates of sdlt

How to fill out higher rates of sdlt:

1. Determine the transaction value: Calculate the total value of the property or land that you are purchasing. This includes the purchase price and any additional costs such as fees and charges.
2. Identify if higher rates of sdlt apply: Check if the property or land falls under the criteria for higher rates of Stamp Duty Land Tax (sdlt). This usually applies when purchasing an additional residential property, such as a second home or a buy-to-let property.
3. Complete the sdlt form: Fill out the appropriate sdlt form, which can be found on the official HM Revenue and Customs website (www.gov.uk). Provide accurate details regarding the property, the parties involved, and the transaction value.
4. Calculate the sdlt amount: Use the sdlt rates provided by HM Revenue and Customs to calculate the amount of sdlt that needs to be paid. Higher rates of sdlt are usually charged at an increased percentage compared to standard rates. Consider any exemptions or reliefs that may be applicable.
5. Pay the sdlt: Make the payment for the sdlt amount due. This can usually be done online or by post, following the guidelines provided by HM Revenue and Customs. Ensure that the payment is made within the specified time frame to avoid any penalties or interest charges.

Who needs higher rates of sdlt:

1. Individuals purchasing an additional residential property: Higher rates of sdlt usually apply when purchasing a second home, a buy-to-let property, or any other additional residential property. This means that if you already own a residential property and are buying another one, you may be subject to higher rates of sdlt.
2. Companies purchasing residential properties: If a company is purchasing a residential property, even if it is their first property, higher rates of sdlt may be applicable. However, there are certain circumstances where these rates may not apply, such as when the property is used for rental to employees or as a property developer's stock.
3. Purchasers of residential properties worth over a certain threshold: Higher rates of sdlt may also apply if the residential property being purchased exceeds a certain threshold value. This can vary depending on the current regulations set by the government. It is important to check the latest guidelines from HM Revenue and Customs to determine whether higher rates apply to your specific transaction.

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