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What is stamp duty and how is it calculated?

'Stamp Duty Land Tax' (SDLT) is a tax due when buying property and land in England, Northern Ireland and Wales if the property is over £500,000 (separate Land and Buildings Transaction Tax in Scotland). If you purchase a residential property between 8 July 2020 to 31 March 2021, you only start to pay SDLT on the amount that you pay for the property above £500,000. These rates apply whether you are buying your first home or have owned property before.

Property or lease premium or transfer value SDLT rate
Up to £500,000 Zero
The next £425,000 (the portion from £500,001 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%

From 8 July 2020 to 31 March 2021 the special rules for first time buyers are replaced by the reduced rates set out above.

Stamp Duty Calculator


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How do i pay stamp duty?

Typically, your Solicitor will assist you with Stamp Duty payments.


How to calculate the new stamp duty rate?

Our calculator above calculates the exact amount of stamp duty you will need to pay on your property and even shows you how it’s been calculated.


When is stamp duty paid?

Stamp duty must be paid to the HMRC within 30 days of the date of completion or you may risk a fine. Your solicitor or legal adviser should take care of this for you and ensure you don't miss the deadline.


Will stamp duty change?

Stamp duty laws have been known to change every few years. Always check with your agent before you buy and ensure you know the latest legislation.

  

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