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Stamp Duty

Stamp Duty Land Tax is a fee charged by the Government when you buy a new home in England for more than £125,000 . The amount of Stamp Duty you need to pay is determined on the price of your purchase.

There are several rate bands for Stamp Duty, and rates also vary if you are a first time buyer or if you own multiple properties. The tax is calculated on each part of the property purchase falling in each band.

For example, if you purchase a property for £400,000, you would be required to pay £10,000 in stamp duty:

  • For the first £125,000, you wouldn’t pay any stamp duty
  • For the next £125,000, you would pay £2,500 in stamp duty (2%)
  • For the final £150,000, you would pay £7,500 in stamp duty (5%)

Current Rates

View the full Stamp Duty rate bands below:

Property purchase price Stamp Duty Rate which applies to the part of the property falling in the price band
£0 – £125,000 0%
£125,001 – £250,000 2%
£250,001 – £925,000 5%
£925,001 – £1.5 million 10%
Over £1.5 million 12%

If you are a first time buyer, you will pay no Stamp Duty on the first £300,000 on your new home. Where the purchase price is over £300,000, but does not exceed £500,000, you will pay 5% on the amount above £300,000. If your first home is above £500,000, you will not qualify for first time buyer’s relief.

Buyers of second homes and buy-to-let properties will have to pay an extra 3% in Stamp Duty on top of current rates for each band.

Don’t worry about figuring it out for yourself – use our Stamp Duty Calculator to figure out how much you will have to pay for your new home!

COVID-19 update

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Contact us today on where a member of the team will be happy to help.