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% |
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The next £675,000 (the portion £250,001 – 925,000) – 5% |
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The next £575,000 (the portion £925,000 - £1.5m) – 10% |
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The remaining amount (the portion above £1.5m) – 12% |
If you are a first time buyer, you pay no stamp duty on the first £300,000, then 5% above £300,000 to £500,000. After this, normal stamp duty applies.
If you are buying an additional property you will have to pay an extra 3% Stamp Duty.
Example:
| Property Price | Stamp Duty | First Time Buyer | Second Property |
| £125,000 | £0 | £0 | £0 |
| £250,001 | £2,500 | £0 | £10,000 |
| £300,000 | £5,000 | £0 | £14,000 |
| £400,000 | £10,000 | £5,000 | £22,000 |
| £500,000 | £15,000 | £10,000 | £30,000 |
| £600,000 | £20,000 | £20,000 | £38,000 |
| £700,000 | £25,000 | £25,000 | £46,000 |
| £800,000 | £30,000 | £30,000 | £54,000 |
| £900,000 | £35,000 | £35,000 | £62,000 |
| £1,000,000 | £43,750 | £43,750 | £73,750 |
| £1,100,000 | £53,750 | £53,750 | £86,750 |
| £1,200,000 | £63,750 | £63,750 | £99,750 |
| £1,300,000 | £73,750 | £73,750 | £112,750 |
| £1,400,000 | £83,750 | £83,750 | £125,750 |
| £1,500,001 | £99,750.00 | £99,750 | £146,250 |