Most transactions involving the purchase of land and property are subject to stamp duty land tax. This is one of the government’s best ways of raising revenue. It represents a significant amount of income to Her Majesty’s treasury. However, there are ways to seek relief from stamp duty land tax. Here are some notable exceptions to paying it. If further help is needed, then you should try a Stamp Duty Refund specialist such as https://www.sentientsdlt.co.uk/.
- First-time buyers. Anyone purchasing a residential property for the first time will not pay stamp duty land tax; they do have to register that they have purchased the land or property with the proper legal authorities. This is also the case if, in a group or pair of purchasers, one person is a first-time buyer. Regardless of the number of purchases made by the other parties, this relief stands.
- Builders buying a home from someone as a part deposit. This is a common practice where a newly built property is involved. A large building company will not pay stamp duty land tax on the purchase of the property that is being used as collateral.
- Council’s buying properties on a compulsory basis. A local authority will not be charged if they purchase a property to develop a road or necessary public area.
- Charities. As long as specific criteria are met, charities can get relief from paying stamp duty land tax when they purchase land or property for the use of the charities work.
There are other exceptions to this rule that will need further research.