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Buying

Stamp Duty

Your solicitor will arrange for the Stamp Duty Land tax (SDLT) to be paid to HM Treasury on completion of your purchase. The way Stamp Duty is charged was changed in December 2014 and is now calculated in bands, with each band of the purchase price calculated at the following rates: 

Up to £125,000 – 0%

The next  £125,000 (the portion £125,001 – 250,000) – 2%

The next £675,000 (the portion £250,001 – 925,000)  – 5%

The next £575,000 (the portion £925,000 - £1.5m) –  10%

The remaining amount (the portion above £1.5m) – 12%

So, for example, if you bought a property for £275,000, the SDLT you owe is calculated as follows:

0% on the first £125,000 = 0

2% on the next £125,000 = £2,500

5% on the final £25,000 = £1,250

Total SDLT = £3,750

 You can always use the HM Treasury calculator to work out exactly how much stamp duty you will have to pay on your purchase.

You can use the HM Treasury calculator to work out how much stamp duty you will have to pay on your purchase.


Second Homes and Investment Properties

HM Treasury will be introducing changes to the Stamp Duty for second properties from April 2016. This will see an extra 3% added to each Stamp Duty band as follows:  

 

Standard Rate

Second Property Rate

Up to £125,000

0%

3%

The next  £125,000 (the portion £125,001 – 250,000)

2%

5%

The next £675,000 (the portion £250,001 – 925,000) 

5%

8%

The next £575,000 (the portion £925,000 - £1.5m)

10%

13%

The remaining amount (the portion above £1.5m)

12%

15%