How is SDLT paid?
How soon after completion?
What if buyer doesn’t do it in time?
Usually paid online by bank transfer with form SDLT1
Must be paid within 14 days of completion
If unpaid → Land Registry will not register transfer
Late payment/filing → penalties + interest
SDLT
What is the first time buyer eligibility?
If they intend to occupy the property as their main residence
0% up to £425,000 and pay 5% on the portion from £425,001 to £625,000
N/A if above this
SDLT
What are the SDLT bands?
Under 250k = 0%
250k - 925k = 5%
925k - 1.5m = 10%
Exceeding 1.5m = 12%
LTT
What are the LTT bands?
How soon should a Welsh buyer pay LTT?
225k = 0%
225k+ = 6% on that portion
30 days
What is a taxable person and what happens if supplies are exempt?
A taxable person is a business with taxable turnover over the registration threshold (£90,000 in the past 12 months).
Businesses making exempt supplies (e.g. insurance, banking, building societies) cannot register for VAT, cannot charge VAT, and cannot recover input tax
what commercial properties are subject to VAT by option to tax?
The sale of a greenfield site
The sale of an old freehold building
The grant of a lease
When do you have a choice to charge a buyer VAT in commercial property?
if you’re the seller of an old commercial building
if new, within three years, no choice
If VAT is chargeable, what total sum will SDLT be applied to?
VAT-inclusive sum
What is the help to buy scheme?
20-40% equity loan for new builds under 600,000k
