What is Stamp Duty Land Tax?

Stamp Duty Land Tax (SDLT) is a tax paid by buyers of property or land in England and Northern Ireland above a threshold (Scotland uses Land and Buildings Transaction Tax, Wales uses Land Transaction Tax). It is charged in tiered bands on the portion of the price falling within each band, with surcharges for additional properties and reliefs for first-time buyers. The buyer's conveyancer normally calculates and submits the SDLT return and payment to HMRC within 14 days of completion.