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SDLT Charge post April - already exchanged
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SMurraysix
Posts: 2 Newbie
Hello, wondering if someone can help. I have exchanged on a new build property valued at £200k. This was done in September. This is not my first purchase as sold a property in Jan 2024 which was a joint ownership/mortgage. My question is do I have to pay any stamp duty fee on completion which is pencilled in for end of May? Property is in England and will be primary residence. Developer says I won’t need to pay, solicitor is unsure but thinks I do. All confusing! Thanks
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Unless there's something you haven't told us then the developer is wrong and I've no idea why your solicitor can't give you the right answer, but going through the SDLT calculator it's clear that you will have to pay £1500.
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SDLT is based on date of completion, not exchange.
Unlike FTB relief, it has been confirmed all over the internet that there is no concession given on the increase in rates for non FTB properties that exchanged but did not complete by the tax rise date. Your solicitor sounds incompetent and tax advice from a developer is about as useful as asking me about football (I can tell you it is a game but that is all).
Will the revised SDLT rates/thresholds that will apply from 1 April 2025 apply to a transaction which exchanges before that date but which will complete on or after that date? | Practical Law
The countdown is on - Changes to SDLT from 1 April 2025 | Cripps
Keys to completing before Stamp Duty rises- Crombie Wilkinson Solicitors
What are the changes to Stamp Duty Land Tax from April 2025? : Keystone Law3 -
Stamp duty is a tax paid on completion of the property transaction, so named because back in the day the contract would actually be stamped to show the duty had been paid.
This hasn't changed and duty is still paid on completion. However the developer may be correct if stamp duty fees are covered as an incentive for the deal.1 -
Thanks all.0
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Would it be possible for the OP to complete early, with a retention whilst the work is completed?
No reliance should be placed on the above! Absolutely none, do you hear?0
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