| Brackets | Rate | Duty |
|---|---|---|
| £0-£250,000 | 0% | |
| £250,001-£925,000 | 5% | |
| £925,001-£1.5m | 10% | |
| £1.5m+ | 12% |
| Brackets | Rate | Duty |
|---|---|---|
| £0-£425,000 | 0% | |
| £425,001-£625,000 | 5% |
| Brackets | Rate | Duty |
|---|---|---|
| £0-£225,000 | 0% | |
| £225,001-£400k | 6% | |
| £400,001-£750k | 7.5% | |
| £750,001-£1.5m | 10% | |
| £1.5m+ | 12% |
| Brackets | Rate | Duty |
|---|---|---|
| £0-£145k | 0% | |
| £145,000-£250k | 2% | |
| £250,000-£325,000 | 5% | |
| £325,000-£750,000 | 10% | |
| £750,000+ | 12% |
| Brackets | Rate | Duty |
|---|---|---|
| less than £175k | 0% | |
| £175,000-£250k | 2% | |
| £250,000-£325,000 | 5% | |
| £325,000-£750,000 | 10% | |
| £750,000+ | 12% |
New temporary changes to Stamp Duty Land Tax in England and Northern Ireland
Residential rates on purchases from 1 October
If you purchase a residential property from 1st October 2021, you will have to pay Stamp Duty Land Tax (SDLT) on the amount that you pay for the property above £125,000. This means any buyer purchasing a primary residential property up to the value of £125,000 is exempt from paying Stamp Duty.
Depending on your circumstances, the tax thresholds change, for example, the price of the property and whether you are buying an additional property, will impact on the amount of tax you pay.
You can use the below table to work out the SDLT due:
In addition to the above, there is a discount relief for individuals buying their first home from the 1 July 2021. This means that there will be no SDLT payable on first homes up to the value of £300,000 and 5% SDLT will be payable on properties with a value between £300,001 to £500,000. If the purchase price is above £500,000, then the Stamp Duty table above applies, following the rules for those who’ve bought a home before.
Second homes
When it comes to purchasing a second home, the higher additional rates remain with a 3% higher rate on top of these standards. So, if you are purchasing a holiday home up to the threshold value of £125,000 you will pay 3% SDLT. Those buying a second home over the threshold will pay 8% on the portion from £250,001 to £925,000, 13% on the portion from £925,001 to £1.5 million, and 15% on the remaining portion over £1.5 million.
Visit gov.uk for more information
Leasehold sales and transfers
On new leasehold sales and transfers, the nil rate band which applies to the net present value of any rents payable for residential property is £125,000.
Residential properties
Companies purchasing residential property are charged at 15% on properties costing more than £500,000. From 1 October 2021, the SDLT holiday will come to an end and the SDLT regulations will revert to what they were before these temporary changes were announced.
As there are many different types of stamp duty tax, we have created a stamp duty calculator to help you work out how much you will have to pay for the property you buy. Simply fill out the purchase price and see what your tax will be.
Land Transaction Tax in Wales
Land Transaction Tax (LTT) is payable when you buy or lease a building or land over a certain price in Wales. No tax is paid on the first £180,000 of a property, however, it increases to 3.5% up to £250,000, 5% up to £400,000, 7.5% up to £750,000, 10% up to £1,500,000, with any amount thereafter taxed at 12%.
Higher residential tax rates
As of 22 December 2020, a 4% surcharge applies to transactions involving the purchase of an additional property up to £180,000. This includes second homes and buy-to-let investments. A surcharge of 7.5% applies to properties in the threshold of £180,001 to £250,000, a 9% surcharge on properties between £250,001 and £450,000, 11.5% on properties between £450,001 and £750,000, 14% on properties between £750,001 and £1.5m and a 16% surcharge thereafter.
LTT does not apply to rents payable under a lease for residential property.
If you already own at least one residential property, you may need to pay the higher residential rates when you purchase a residential property.
If you are replacing your main residence, the higher rates may not apply.
Land and Buildings Transaction Tax in Scotland
Land and Buildings Transaction Tax (LBTT) operates slightly differently to SDLT in England and Northern Ireland or LTT in Wales, as it requires buyers to pay tax on amounts between bands, as opposed to the full purchase price of a property.
The following changes have been made as of 1 April 2021.
The first £145,000 will be exempt from tax when purchasing your primary property. Between £145,001 and £250,000, you will pay 2% LBTT, and then 5% on the amount between £250,001 and £325,000, and then 10% on the amount between £325,001 and £750,000 with any amount thereafter taxed at 12%.
Since 30 June 2018, first-time buyers in Scotland have benefited from a relief on LBTT. This raises the zero-tax threshold for first-time buyers from £145,000 to £175,000.
To find out how much you will be required to pay for your new home, simply fill out the form on our Stamp Duty Calculator, selecting where you are buying the property from the dropdown of options.
Stamp Duty FAQs
How do I pay Stamp Duty?
Your solicitor will usually deal with your Stamp Duty return and any related payments, although this can be done yourself. The most important thing is that your Stamp Duty is submitted and paid on time.
When do I pay Stamp Duty?
This is an important question, and it is crucial to know that wherever in the UK you’re buying a property, you have 30 days from the date you of competition to pay the full stamp duty fee. If you take longer, you will be faced with a fixed penalty, and you will pay a tax-based penalty as well as the fixed penalty. It is really important that you pay your Stamp Duty fee on time.
Can I add Stamp Duty to my mortgage?
This mainly depends on your personal circumstances. It is best that you don’t add it to your mortgage, however, many people do as they have to. Adding the Stamp Duty fee to your mortgage will essentially mean that you need to borrow more when your mortgage is being taken out. You will use your ‘extra’ deposit money to pay the Stamp Duty.
I’m purchasing a second home, how much Stamp Duty do I need to pay?
Buyers of additional residential properties, this includes second homes and also buy-to-let properties, will be required to pay a different percentage. Use our calculator above to find out more.
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