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Buyers April 11, 2017

How much Stamp Duty will I have to pay?

The amount of Stamp Duty Land Tax (SDLT) that you must pay on a residential purchase in the UK will depend on two things (a) how much the property is that you are buying and (b) whether it is your first home or an additional purchase.


In December 2014, the previous system for calculating SDLT was altered so that the under the new rules buyers pay tax on amounts between price bands, not the full purchase price of the property.


In his 2015 Autumn Statement the chancellor of the exchequer announced a 3% surcharge for people buying a second home or buy-to-let property, which came into force in April last year. This introduction also had a much lower tax free threshold of just £40,000 – essentially most “additional homes” are now subject to the increased tax.


What are the current Stamp Duty rates?


Normal rate

Additional property*

< £125k



£125k - £250k



£250k - £925k



£925k - £1.5m



£1.5m >



*An additional property purchased for less than £40k will attract 0% tax, for purchases from £40k -£125k the rate will be 3% on the full purchase price.


Essentially for the purchase of your main home, no SDLT will be payable up to £125,000. Between £125,000 and £250,000 the amount payable is 2% within the banding, 5% then becomes payable on the portion between £250,000 and £925,000, 10% within the next band up to £1.5 million and 12% for any portion above that figure. For additional properties, such as buy-to-let properties or second homes, there is now a 3% surcharge applied to all bands.


If you would like to know more about Stamp Duty Land Tax and any implications it may have on your intended purchase, please feel free to contact me using this link.

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