Stamp Duty Rates
Buyers pay Stamp Duty Land Tax (SDLT) if you buy a property or land over a certain price in England, Wales and Northern Ireland.
Current Stamp Duty Rates
The current SDLT threshold is £125,000 for residential properties and £150,000 for non-residential land and properties. But for a short period (until 31/3/20210) the Government has made any purchase free of stamp duty for the first £500,000. This is a saving of £15,000 right across the board.
Buyers pay the tax when they:
- Buy a freehold property
- Buy a new or existing leasehold
- Buy a property through a shared ownership scheme
- Are transferred land or property in exchange for payment
Buyers must send an SDLT return to HMRC and pay the tax within 30 days of completion. A solicitor, agent or conveyancer will usually file your return and pay the tax on your behalf on the day of completion and add the amount to their fees.
Use the updated SDLT calculator (to include the stamp duty holiday discounts) below to work out how much tax you will pay.
Higher Rates For Additional Properties
You will usually have to pay 3% on top of the normal SDLT rates if buying a new residential property means you will own more than one.
If Your Are Replacing Your Main Residence
You will not pay the extra 3% SDLT if the property you are buying is replacing your main residence and that has already been sold.
If there is a delay selling your main residence and it has not been sold on the day you complete your new purchase:
You will have to pay higher rates because you own 2 properties
You may be able to get a refund if you sell your previous main home within 36 months
More information can be found on the government website https://www.gov.uk/stamp-duty-land-tax/residential-property-rates