There is a tax that's charged when you buy a residential property in the UK. It is known as Stamp Duty Land Tax in England and Northern Ireland, Land and Buildings Transaction Tax in Scotland, and Land Transaction Tax in Wales.
As a landlord, you will need to pay tax on any property you purchase to let out. The rate of tax you pay also depends on:
- Where the property is: England and Northern Ireland have the same rates, while Scotland and Wales have different rates.
- Your circumstances: for example, registered social landlords may be eligible for reduced Stamp Duty.