Updated: 23 September 2022
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 Value||Current Stamp Duty Rate||Rate for BTL and 2nd Properties|
|Up to £250,000||0%||3%|
|£250,001 to £925,000||5%||8%|
|£925,001 to £1.5m||10%||13%|
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||3%||£7,500|
|On the next £125k||5%||£6,250||8%||£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