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
"Just to say thank you so much for your support, patience and guidance with the house move."