What is stamp duty and how is it calculated?
Stamp duty is a tax imposed by governments on various transactions, including real estate purchases, stock transfers, and legal documents. Its calculation method varies depending on the specific transaction and local regulations. Typically, it is based on factors such as the purchase price of real estate or the value of assets being transferred, with rates varying between regions. Failure to pay the required stamp duty can result in legal consequences, making it essential to consult relevant authorities or professionals to determine and comply with the applicable stamp duty requirements.
|Property or lease premium or transfer value||SDLT rate|
|Up to £250,000||Zero|
|The next £675,000 (the portion from £250,001 to £925,000)||5%|
|The next £575,000 (the portion from £925,001 to £1.5 million)||10%|
|The remaining amount (the portion above £1.5 million)||12%|