What is the residential SDLT rate for properties valued between £925,000 and £1.5 million?

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Multiple Choice

What is the residential SDLT rate for properties valued between £925,000 and £1.5 million?

Explanation:
SDLT on residential property is charged in bands, so only the portion of the price that falls within a given band gets taxed at that band’s rate. For the portion that sits between 925,000 and 1,500,000, the rate is 10%. That means if a property value lies in this range, the amount of value above 925,000 is taxed at 10% (the earlier portions are taxed at the lower bands). If the property is an additional property (second home), a 3% surcharge applies to all bands, including this 10% portion, making it effectively 13% for that band. For example, a 1,000,000 purchase would have 75,000 taxed at 10% (the portion above 925,000), with the earlier portions taxed at their respective lower rates.

SDLT on residential property is charged in bands, so only the portion of the price that falls within a given band gets taxed at that band’s rate. For the portion that sits between 925,000 and 1,500,000, the rate is 10%. That means if a property value lies in this range, the amount of value above 925,000 is taxed at 10% (the earlier portions are taxed at the lower bands). If the property is an additional property (second home), a 3% surcharge applies to all bands, including this 10% portion, making it effectively 13% for that band. For example, a 1,000,000 purchase would have 75,000 taxed at 10% (the portion above 925,000), with the earlier portions taxed at their respective lower rates.

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