Explaining Stamp Duty Land Tax

What is Stamp Duty Land Tax / Stamp Duty Tax?

Stamp duty land tax replaced the formerly known ‘Stamp Duty’ in 2003. Stamp Duty is a tax that you may have to pay if you buy a property or piece of land in England and Northern Ireland (Scotland and Wales have slightly different schemes but the principles remain the same), as it is a tax you must pay Stamp duty land tax (SDLT) the amount varies and is dependant on the value of the property or land. The amount payable will also vary depending on whether or not you are a first-time buyer and whether you already own property, a non-UK residence as well as a few other factors.