Stamp Duty Land Tax (SDLT) is payable on completion of a property purchase in the United Kingdom above £125,000. Stamp Duty is payable on purchase transactions of houses and flats, land and buildings.
The scale of charges for residential property is:
Nothing on the first £125,000 of the property price
2% on the next £125,000
5% on the next £675,000
10% on the next £575,000
12% on the remainder (above £1.5 million)
Second Home/Buy to Let
Anyone purchasing a Second Home or Buy to Let property will be liable to pay a higher charge on an escalating basis.
First Time Buyers
From November 2017, first time home buyers will qualify for SDLT relief on a purchase up to £300,000. Provided the purchase price does not exceed £500,000, first time buyers will qualify for this relief and be liable for the amount of the purchase price between £300,000 and £500,000 (5%).
Use the Stamp Duty Calculator to work out how much you will be required to pay.