Use this Stamp Duty calculator to work out the level of stamp duty land tax (SDLT) on your proposed purchase. This cost cannot be added to your mortgage, so you’ll need to factor it into your overall costs of buying your home.
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Who Pays Stamp Duty?
Most homeowners are required to pay stamp duty when buying a house. This applies to most people buying a property over £125,001. However, first time buyers buying a property under £300,000 will be exempt from stamp duty tax.
So, if you’re buying a property that’s £500,000, you only pay stamp duty on the remaining £200,000.
How Is It Calculated?
SDLT is calculated based on the value of the land and property based on each tax bracket. It applies to both freehold and leasehold properties.
How Much Will It Cost?
The tax is charged on a tiered basis.
The price you pay depends entirely on your individual circumstances and the property itself. Here’s a rough guide to how it works and how much you’ll be paying.
- £125,001-£250,000 = 2%
- £250,001 – £925,000 = 5%
- £925,001 – £1,500,000 = 10%
- Over £1,500,000 = 12%
This gives you some indication of where you stand. So, for example, if you bought a home for £500,000, you would pay £15,000 in stamp duty.
There are some rules that are important to be aware of, including:
- Buy to let properties may be subject to higher SDLT
- In the case of joint ownership, if only one is a first-time buyer, you will pay full tax
- Applies to all residential properties (flats, houses etc.)
- There are different rules in Scotland
- Applies to properties bought through the shared ownership scheme
- You won’t pay the tax on fixtures and fittings or other removable items
- Even if you don’t intend to live in the property, you still need to pay the tax
How to Pay Stamp Duty Land Tax
You must send a SDLT return to the HMRC within 14 days.
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