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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

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