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Stamp Duty Information for Residential Property (correct as of January 2017)

What is it?

Stamp Duty Land Tax (SDLT) is payable when you buy a property or land in England, Wales and Northern Ireland above a certain price.  This includes freehold property, a new or existing leasehold, a shared ownership scheme or transferred land or property in exchange for payment (e.g. taking on a mortgage or buying a share in a house).

How much do I have to pay?

Since 4th December 2014 the following rates are paid on the part of the property price within each tax band:

£0 - £125,000    0%
£125,001 - £250,000    2%
£250,001 - £925,000    5%
£925,001 -     £1,500,000   10%
£1,500,000   and over     12%

That works out at how much?

For example on a home worth £185,000 the SDLT due would be £1,200

For example on a home worth £275,000 the SDLT due would be £3,750

For example on a home worth £510,000 the SDLT due would be £15,500

OR click on the link below to make use of the government’s Stamp Duty Land Tax Calculator

https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro

Do higher rates apply for additional properties?

You will usually have to pay 3% on top of the normal SDLT rates if buying a new residential property means you will own more than one.

What if I am replacing my main residence?

You will not pay the extra 3% SDLT if the property you are buying is replacing your main residence and that has already been sold.

If there is a delay selling your main residence and it has not been sold on the day you complete your new purchase:

  • You will have to pay higher rates because you own 2 properties
  • You may be able to get a refund if you sell your previous main home within 36 months

"Thank you very much for all your assistance Louise. It has been a very smooth process and I have been very grateful to be with you and Matthew for this tenant move. We have had endless poor experience with agents with the other property we own elsewhere. There has been no comparison!"
Miss R