Goadsby Knowledge Hub

Stamp Duty

Updated: 24 November 2017

STAMP DUTY

The Stamp Duty Land Tax (SDLT) is a charge placed on all residential property purchases over £125,000 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 then as of 22nd November 2017, there is no stamp duty payment due on purchases up to £300,000.

 
Property ValueCurrent Stamp Duty RateRate for BTL and 2nd Properties
Up to £125,0000%3%
£125,001 to £250,0002%5%
£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 £275,000, the SDLT you would owe is calculated as follows

 
Property ValueCurrent Stamp Duty RateCostRate for BTL and 2nd PropertiesCost
On the First £125k0%£03%£3,750
On the next £125k2%£2,5005%£6,250
On the Final £25k5%£1,2508%£2,000
Total Stamp Duty£3,750£12,000

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

 

Please note information correct as of Nov 2017

 

Categories:

Residential Sales

Tags:

Jim Doerr , Stamp Duty

Related Articles

Staging Your Property For Sale

29 May

Once you have made the decision to sell your home it's important to take some time to prepare your property in readiness for marketing. First impressions count for a lot and whilst there are certain things outside your control, like the number of bedrooms or the location of the property, there are a number of ‘top tips’ that will make your property stand out from the crowd.

Read more

I’ve agreed to purchase a property, Now what happens?

23 February

Buyer's Guide checklist/guide with approximate timescales

Read more

I've agreed to sell a property. Now what happens?

22 February

Seller’s checklist/guide with approximate timescales

Read more
Your session will expire in xx.xx
Continue or Log Out