Stamp duty land tax
Stamp duty land tax (SDLT) is due on transfers of leases of land within the UK.
It is payable by the purchaser and is a self-assessed tax whereby the purchaser is obliged to submit a stamp duty land tax return with the tax due within 30 days of completion.
Penalties and interest charges are payable for late submission of returns.
With some exceptions, stamp duty land tax is paid on properties worth more than £125,000 at a rate of one per cent.
It trebles on houses costing more than £250,000 and purchasers pay four per cent on properties worth more than £500,000.
Without exception all properties worth more than £150,000 currently incur stamp duty land tax when sold.
The chancellor has announced that new homes built to "zero carbon" standards will be exempt from stamp duty up to a value of £500,000. Properties over that value will receive a £15,000 stamp duty discount. This will apply until September 2012.