This will be payable in addition to the expenses above and depends on the value of the property. There are many permutations in calculating the duty payable based on each individual circumstance. To use the aforementioned example of a freehold purchase of a £2 million property with a mortgage, it being the main and principle residence and no other test needing to be applied, the duty payable would be £153,750. If other property is owned worldwide, the 3% uplift may apply depending on the specific circumstance and, if this were to be the case, the duty payable would be £213,750.

You can calculate the amount payable using the online calculator on HMRC’s website – <a href="https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro" target="_blank" rel="noopener">https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro</a>.

HMRC guidance frelating to SDLT for  properties in England is available here – <a href="https://www.gov.uk/topic/business-tax/stamp-taxes" target="_blank" rel="noopener">https://www.gov.uk/topic/business-tax/stamp-taxes</a>.

There are different rules for a corporate body purchasing residential property for more than £500,000 – <a href="https://www.gov.uk/guidance/stamp-duty-land-tax-corporate-bodies" target="_blank" rel="noopener">https://www.gov.uk/guidance/stamp-duty-land-tax-corporate-bodies</a>.

If the property is located in Wales, additional guidance from the Welsh Revenue Authority is available here – <a href="https://beta.gov.wales/welsh-revenue-authority" target="_blank" rel="noopener">https://beta.gov.wales/welsh-revenue-authority</a><u>.</u>

Please note that the above links are for guidance only and you should take specific advice form a tax specialist. Such advice would fall outside the scope of our acting on your purchase but we do have specialists who could advise in this respect, if required.

On leasehold property purchases, you should also be aware the ground rent and service charge are likely to apply throughout your ownership of the property. We will confirm the ground rent and anticipated service charge as soon as we receive this information. We will provide an accurate figure once we have seen the relevant documentation for the property.