Stamp Duty (SDLT)
A UK tax paid by the buyer on property purchases above a set price threshold.
Stamp Duty Land Tax is paid by the buyer when purchasing property in England and Northern Ireland, calculated in bands similar to income tax — different portions of the price are taxed at different rates. First-time buyers get relief up to a certain price, and buyers of additional properties (second homes, buy-to-let) pay a surcharge on top of standard rates.
Worked Example
On a £350,000 home, SDLT is calculated band by band rather than as one flat percentage of the full price — the first slice is tax-free, and only the portion above each threshold is taxed at that band's rate.
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