Updated: 30 October 2024
STAMP DUTY
The amount of stamp duty tax you’ll need to pay depends on a wide range of factors, including how much you pay for the property, the location of the property, whether you have a UK passport, when you buy and whether you’re a first-time buyer. It also depends on whether you’re buying a main home, a holiday home or an investment property. Use this useful stamp duty calculator to work out how much you will pay.
The Stamp Duty Land Tax (SDLT) is a charge placed on all residential property purchases over £250,000 (£125,000 prior to September 2022) in England, Wales and Northern Ireland. From 31st October 2024 an additional 5% SDLT surcharge is payable on a second home or buy to let property with a purchase price of £40,000 or above. Please see the chart below for current charges.
If you are a First Time Buyer there is no stamp duty payment due on purchases up to £425,000 (£300,000 prior to September 2022).
| Property Value | Current Stamp Duty Rate | Rate for BTL and 2nd Properties |
|---|
| Up to £250,000 | 0% | 5% (was 3% prior to 31.10.24) |
| £250,001 to £925,000 | 5% | 10% (was 8% prior to 31.10.24) |
| £925,001 to £1.5m | 10% | 15% (was 13% prior to 31.10.24) |
| Over £1.5m | 12% | 17% (was 15% prior to 31.10.24) |
How is Stamp Duty (SDLT) calculated ?
Example: If you purchase a property for £375,000, the SDLT you would owe is calculated as follows
| Property Value | Current Stamp Duty Rate | Cost | Rate for BTL and 2nd Properties | Cost |
|---|
| On the First £250k | 0% | £0 | 5% | £12,500 |
| On the next £125k | 5% | £6,250 | 10% | £12,500 |
| Total Stamp Duty | | £6,250 | | £25,000 |
For more information on SDLT we would recommend you speak to your solicitor or a tax advisor.
Please note information correct as of October 2024