Stamp duty reliefs and exemptions

What reliefs and exemptions are available to offset stamp duty? This is one of the most common questions clients ask our accountants when investing in additional properties.

Stamp duty exemptions can be a very complicated area and we would always recommend getting advice for your specific situation from a property tax specialist.

The following reliefs and exemptions are available to offset stamp duty for more complex purchases

3 year rule when replacing your main residence

  • If you’re replacing your main residence and have not sold your home on the day you complete your new purchase you’ll have to pay higher rates of SDLT (3%.) This is because you own 2 properties.

  • You can however, apply for a refund if you sell your previous main home within 36 months.

Multiple dwellings relief

  • Reliefs are available to reduce SDLT when buying multiple residential properties (dwellings) in the same transaction. We recommend speaking to a property tax specialist for advice on more complex purchases such as this.

Need specific advice on stamp duty?

Book a 45-minute property tax consultation with one of our accountants for one-to-one advice and guidance.

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First time buyers

  • First time buyers do not pay any stamp duty on the first £300,000 of a property. They then pay 5% on the remainder up to £500,000.

Inherited property

  • If property is left to you in a will, you do not have to pay SDLT.

SDLT sorted!

We hope this guide has been helpful! If you have specific questions about stamp duty for limited companies, reliefs and exemptions, or are starting up your property business and need advice, book a consultation with our team of accountants today. No matter how you prefer to invest in property, Provestor has the expertise you need to manage your portfolio's finances and taxes.

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