Stamp Duty Land Tax (SDLT)

The tax paid in increasing portions, subject to value, when a UK residential property is acquired is called 'Stamp Duty Land Tax'.

It is subject to a zero-rate threshold and then, after that, a flexible percentage rising on components up to the total acquisition value.

For new leasehold properties the system as described above applies on the premium paid for the lease and further duty applies if the rent over the life of the lease ('net present value') exceeds a certain threshold.

First time buyers (buyers of their first 'home') can claim a discount whereby the zero-rate threshold is higher, however, is subject to a maximum acquisition value which exempts the ability to claim discount.

There is a surcharge for people acquiring their second, or higher multiple of residential property.

UK non-residents acquiring UK residential property are required to pay a surcharge if they are deemed 'non-resident for SDLT purposes', which involves being absent from the UK for a certain period in the 12 months preceding acquisition.

There are various other reliefs and exemptions available, subject to status and circumstances.