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Stamp Duty Land Tax needs to be paid on all properties that cost more than £125,000. The amount of Stamp Duty that needs to be paid depends on how much the property costs; here is a breakdown of how Stamp Duty is calculated.

You will pay 0% for the first £125,000 of your property’s purchase price, you’ll then pay 2% on the portion of the price up to £250,000, 5% up to £925,000, 10% up to £1,500,000 and 12% on anything above that.

Stamp Duty on Second Homes and Buy to Let

The Stamp Duty paid on second homes and Buy to Let properties is worked out differently, following changes to legislation that were announced in 2015. From April 2016, if you already own a home and are buying a holiday home, spare home or a property which you plan to let out; you will have to pay 3% more Stamp Duty when you buy your property.

Stamp Duty will be calculated in exactly the same way as for a primary residence, but an additional 3% of the purchase price will need to be paid. For example, a £300,000 property would cost £5,000 in Stamp Duty as a first property. However, as a second home or Buy to Let property, an extra 3% (£9,000) will need to be paid, making the total Stamp Duty £14,000.

Stamp Duty for First Time Buyers

Stamp duty has now been abolished for most first time buyers in England, Wales and Northern Ireland.

A permanent change to the initial stamp duty threshold for first time buyers means that anyone buying their first home won’t be liable for stamp duty if the purchase price is below £300,000.

Further relief is available for purchases up to £500,000 to help first time buyers in more expensive locations such as London.

Impact of the changes

The Government predict that the stamp duty changes will help up to 95% of first time buyers in England, Wales and Northern Ireland and up to 80% in London.

The new relief has been introduced with immediate effect and applies to anyone purchasing their first home from November 22nd 2017.

How does it work?

First time buyers will need to declare that they have never owned a property either in the UK or abroad. A special first time buyer code will need to be submitted with the stamp duty return once a home is purchased.

Full Stamp Duty relief is available up to £300,000, with reduced liability up to £500,000. Any purchases above £500,000 will attract the normal stamp duty rates on the whole purchase price.

Property is a first home

Property is a buy to let or second home

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