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What is Stamp Duty?

Andrew Boast

20/11/2017

Stamp Duty Land Tax (SDLT) is the tax charged by the Government on a home buyer when you buy a home in England and Wales. The tax payable depends on the property's value and whether or not you own a second home or not.

It is a banded tax and new rates and method of application came into force 4 December 2014 - Please note new stamp duty for second homes came into power April 2016 - read the full article here - Second Home 3% Stamp Duty Surcharge from April 2016

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How much is stamp duty?

In England and Wales, stamp duty rates are paid on the part of the property price within each tax band.

Purchase Price	New stamp duty rates paid on the part of the property price within each tax band
0 - £125,000	Zero
£125,001 to £250,000	2%
£250,001 to £925,000	5%
£925,001 to £1.5 million	10%
More than £1.5 million	12%

Example 1: I don't own another property and am buying for £505,000. How much stamp duty do I pay?

Nothing on the first £125,000
2 % of the value from £125,001 - £250,000 = £2,500
5% of the value from £250,001 - £505,000 = £12,750
Total Stamp Duty payable = £15,250

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Example 2: I don't own another property and am buying for £165,000. How much stamp duty do I pay?

Nothing on the first £125,000
2 % of the value from £125,001 - £165,000 = £800
Total Stamp Duty payable = £800

Click to use our Free Online Stamp Duty Calculator that gives instant results - just type in the property amount.

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*Fixed Fee – No Sale No Fee – On all Mortgage Lender Panels

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