Stamp Duty Information
What is Stamp Duty?
'Stamp Duty Land Tax' is a tax due when purchasing property and land in the UK.
How do I pay Stamp Duty?
Your appointed Solicitor will help you with stamp duty payment.
How is Stamp Duty calculated?
You would only pay the rate of tax on the part of the property price within each tax group. The current SDLT threshold for residential properties is £125,000. If you are buying a residential property there are different rates of SDLT if:
- you’re a first-time buyer
- you already own a property and you’re buying an additional property
- you’re not a UK resident
First Time Buyers or Main Home
From the 1 July 2021 or if you bought a residential property before 8 July 2020 you only start to pay Stamp Duty Land Tax (SDLT) on the amount that you pay for the property above £500,000.
This is valid whether you are buying your first home or have owned a property before.
Buyers Outside the UK
For buyers outside the UK, Stamp Duty will include an added 2% for purchases of residential property on or after 1 April 2021, this is in addition to the groups stated below.
| Group | First time buyers/main home |
|---|---|
| Up to £125,000 | 0% |
| The next £125,000 (the portion from £125,001 to £250,000) | 2% |
| The next £675,000 (the portion from £250,001 to £925,000) | 5% |
| The next £575,000 (the portion from £925,001 to £1.5 million) | 10% |
| The remaining amount (the portion above £1.5 million) | 12% |
Second home
For purchases of additional properties, you usually pay 3% on top of these rates.
| Group | Second home |
|---|---|
| Up to £125,000 | 3% |
| £125,001- £250,000 | 5% |
| £250,001- £925,000 | 8% |
| £925,001- £1.5 million | 13% |
| Over £1.5 million | 15% |
