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Please remember, this is only an estimate and can change depending on the lender and your circumstances. If you want a more accurate quote, we advise speaking to one of our advisers who will be more than happy to help you.

 

 

 

 

How stamp duty is calculated?

First-time buyers are entitled to relief for the first £300,000 of Stamp Duty on properties up to a value of £500,000.

For example, if you’re buying your first property for £350,000 you would pay:

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First-time buyers are entitled to relief for the first £300,000 of Stamp Duty on properties up to a value of £500,000.

For example, if you’re buying your first property for £350,000 you would pay:

  • no Stamp Duty on the value of the property up to £300,000
  • 5% tax on the value between £300,001 and £500,000.

In this case, the total amount of Stamp Duty would be £2,500, giving an effective rate of 0.7%.

For properties priced over £500,000, no relief is available and you would pay Stamp Duty on the full purchase price.

Purchase price of property Rate of Stamp Duty
£0 – £300,000 0 %
£300,001 – £500,000 5 %
£500,000+ Standard rates apply (see below)

If you’re buying your next home or buying a property valued at over £500,000 you would pay:

  • no tax on the value of the property up to £125,000
  • 2% tax on the property value between £125,001 and £250,000
  • 5% tax on the property value between £250,001 and £550,000.

In this case, the total amount of Stamp Duty would be £17,500, giving an effective tax rate of 3.2%.

These rates currently apply to England, Wales and Northern Ireland

Purchase price of property Rate of Stamp Duty Additional Property Rate*
£0 – £125,000 0% 3%
£125,001 – £250,000 2% 5%
£250,001 – £925,000 5% 8%
£925,001 – £1,500,000 10% 13%
Over £1.5 million 12% 15%

* Properties under £40,000 are not subject to the additional SDLT rates

You have to pay Stamp Duty within 14 days of buying a property. If you’re using a conveyancer or solicitor, they will normally organise the payment on your behalf.