The cost of Stamp Duty varies depending on the value of your home and is paid on all properties over the value of £125,000. Just enter the value of the property to find out how much you will pay.
What is Stamp Duty?
Known by its full name of Stamp Duty Land Tax, Stamp Duty is a tax paid to the government for any land or property related transactions so if you are purchasing a property, you'll need to remember to calculate any payments that you'll need to make on top of the value of the property.
How much is Stamp Duty?
Property or lease premium or transfer value
Stamp Duty Rate
Up to £125,000
The next £125,000 (the portion from £125,001 to £250,000)
The next £675,000 (the portion from £250,001 to £925,000)
The next £575,000 (the portion from £925,001 to £1.5 million)
The remaining amount (the portion above £1.5 million)
Example: If you buy a house for £275,000, the Stamp Duty Rate you owe is calculated as follows:
0% on the first £125,000 = £0
2% on the next £125,000 = £2,500
5% on the final £25,000 = £1,250
Total SDLT = £3,750
Currently there are no exemptions for first-time buyers. If you purchase a property valued at £125,001 or over first time buyers will be subject to the same stamp duty taxation as everybody else.
Stamp Duty does not apply to you if you are selling your home, but it may be worth taking it into consideration on behalf of your potential buyers.
If your property is valued at £250,000 your buyer would need to find an extra £2,500 on top of the purchase price to cover the stamp duty tax, however if you decided to sell your property at no less than £251,000 the buyer would have to pay an additional £7,500 which could put them off. If your property is on the cusp of a percentage change, the actual value of your property could have an even greater financial impact on the buyer.
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