Goadsby Knowledge Hub

Stamp Duty

Updated: 23 September 2022

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 April 2016 an additional 3% 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 ValueCurrent Stamp Duty RateRate for BTL and 2nd Properties
Up to £250,0000%3%
£250,001 to £925,0005%8%
£925,001 to £1.5m10%13%
Over £1.5m12%15%
 
 

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 ValueCurrent Stamp Duty RateCostRate for BTL and 2nd PropertiesCost
On the First £250k0%£03%£7,500
On the next £125k5%£6,2508%£10,000
Total Stamp Duty£6,250£17,500

For more information on SDLT we would recommend you speak to your solicitor or a tax advisor.

 

Please note information correct as of September 2022

 

Categories:

Residential Sales

Tags:

Jim Doerr , Stamp Duty

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