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When buying or selling residential or commercial property, you may be required to pay a number of different taxes. Because it is possible that tax won't be due until after the sale, you should calculate how much you will owe before agreeing to the transaction so that you have enough money on hand to cover it. This is only one of the most vital responsibilities you must accomplish as a property seller or buyer.

When buying or selling a home, it can be difficult to ensure that the appropriate amount of taxes are paid. You should try to avoid paying more in taxes than is absolutely necessary because missing the deadlines for paying these taxes could result in penalties and interest charges. Regarding the troubles you are having with your taxes, kindly see a lawyer.

Perhaps you are here because you need some clarity regarding the issue. Thankfully, this article can provide an explanation of the property taxes that are most commonly being paid in the UK today. Read on to learn more about taxes in property sales or acquisitions.

Stamp Duty in the UK

When purchasing a home in England or Northern Ireland, you will be compelled to pay Stamp Duty Land Tax (SDLT), especially if the purchase price is over a certain level. Thus, this is the time to familiarise yourself with the Welsh Land Transaction Tax.

Make sure you get the most recent information on stamp duty for the acquisition of the property you want. The SDLT thresholds for residential transactions are £125,000, whereas the criteria for non-residential transactions are £150,000. In the event that the value of your transaction is lower than that threshold, stamp duty could not be applicable.

If the purchase price of the property is more than £125,000, an SDLT payment is required. Buying a home for the first or second time is subject to a different set of regulations.

There is the potential to save money on stamp duty. Relief. There is a possibility that the SDLT won't apply to first-time buyers.

When purchasing a freehold property, a new or existing leasehold property, a shared ownership property (government shared ownership scheme), or a shared ownership property (private shared ownership scheme), or when purchasing land or property for monetary consideration such as a mortgage or house share, SDLT is due. If you are purchasing a lease without paying a premium, SDLT may still be applicable to you. This is contingent on the amount of rent you are paying as well as the length of the lease.

The amount of stamp duty land tax (SDLT) that you have to pay is determined by the price of the property, whether or not it is a residential or commercial property, and whether or not you are a first-time buyer.

The SDLT is due 14 days after the closing of the transaction that you used to acquire your property. If you hire a solicitor, agent, or conveyancer, they will file your SDLT form and pay the relevant tax on the day of closing by including it in their fees. If you do not use one of these professionals, you will be responsible for filing and paying the tax. On your behalf, we will seek out and secure any and all eligible remedies.

Understanding Capital Gains Tax

There is a possibility that you will be compelled to pay capital gains tax (CGT) if you sell your house. A tax on higher sales earnings will be applied here. Only the profit is subject to taxation. If there is no gain, there will be no charge for the service.

Gain-based When a property is sold, the CGT is due:

  • any object of a value greater than £6,000, with the exception of a vehicle;

  • any dwelling that is not the owner's principal residence

  • if it is large, rented, or used for business purposes during ownership.

  • not included in either an ISA or a PEP

Due to the fact that the value of a property almost always rises while the owner is in possession of it, CGT may be levied and must be paid. Because this solely applies to properties used for business or investments, the impact on transactions will be minimal.

In most cases, the payment of CGT must be submitted to HMRC by the 31st of January following the tax year in which the gain was realised. For-profits made in 2018-2019, the deadline for paying the capital gains tax is January 31, 2020. Self-assessment tax returns must contain gains. Individuals are able to record gains and make payments immediately through HMRC. You run the risk of forgetting if you wait until the 31st of January to do it.

You have the option of paying your taxes on capital gains with a check, an expedited payment, CHAPS, or Bacs.

Understanding Council Tax

The vast majority of homeowners are required to pay council tax to their respective municipal governments. Take this into consideration if you are a first-time buyer (or renter) who is trying to decide whether or not it is more affordable for you to buy or rent. The collecting of council tax is what provides funding for many community services. This tax is something that needs to be taken into consideration whether you are buying or selling a home.

A rating from A to H for the council tax is assigned to each property. The band of a property is established based on its dimensions, location, and a number of other factors. Before you buy a property, you should look into your credit score.

Until it is sold to a new owner, a residence that is unoccupied is required to continue paying council tax. If you rent a house and move out before the end of the tenancy, you will still be responsible for paying council tax on the property, but you may be eligible for a rent reduction.

Rental Income and Taxes

You could rent out your home. In that case, the taxation of income from rentals would be comparable to that of wages. Each and every dollar that is earned is subject to taxation. Full-time landlords are obligated to inform HMRC of their intention to form a corporation so that they can be taxed in a different manner. This obligation exists because of the unique tax treatment that corporations receive.


If you hire a lawyer or conveyancer, they will determine the amount of back taxes you owe as well as handle all of the appropriate paperwork and legal documentation. They will be aware of when the tax deadline is. Thus, work with a trusted professional so that you don’t miss the important details regarding paying the necessary property taxes.

Are you looking for cheap conveyancing in the UK? Conveyancing Calculator provides accurate and timely online residential conveyancing quotes. With our team of SRA-regulated property solicitors and CLC-licensed conveyancers, you can trust that only experts will handle your sale, purchase, or remortgage. Get a free quote through our calculator today!



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