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Stamp Duty

Stamp Duty

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What is stamp duty?

Stamp duty land tax is a lump-sum tax that anyone buying a property or land costing more than a set amount has to pay. The rate you'll pay the tax at varies based on the price of the property.

What rate will I have to pay?

As the price you pay for a new property increases, so do the rates of stamp duty. You pay a percentage of the cost, and the rate payable increases at a set of thresholds - but, you only pay the proportion of the purchase price that's actually above the thresholds at the higher rate.

People buying an additional property (ie in addition to any they already own) will be penalised in the form of an extra 3% stamp duty charge on any property costing more than £40,000.

Under stamp duty rules that took effect in 2014 you pay different rates for different proportions of the property price. This will mean that the following additional property stamp duty rates will apply on each portion of the purchase price on buy-to-let and second homes.

NEW.  Stamp duty holiday in England & Northern Ireland extended until 30th September 2021 – how it works:

In response to the coronavirus pandemic, the threshold at which you start paying stamp duty in England and Northern Ireland has been temporarily increased. This stamp duty 'holiday', was originally scheduled to end at the end of March 2021, but has been extended until the end of June 2021.

It will then be tapered for another three months, until the end of September 2021, before returning to the pre-coronavirus threshold.

This is how the extended stamp duty 'holiday' works in England and Northern Ireland:

Until 30th June:   No stamp duty will be due on the first £500,000 of any primary residential property.

1st July - 30th September:   No stamp duty will be due on the first £250,000 of any primary residential property.

From 1st October:   The stamp duty holiday will end on 30th September, meaning that normal stamp duty rates will apply from October onwards.


What stamp duty will I pay?

Purchase price

Stamp duty rate on first property (1) Stamp duty rate for additional properties (1)
Up to £125,000 0% 3% (2)
£125,000.01 - £250,000 2% 5%
£250,000.01 - £925,000  5% 8%
£925,000.01 - £1,500,000 10% 13%
£1,500,000.01+ 12% 15%

(1) Rate applies to that portion of the purchase price (2) Properties up to £40,000 are exempt from stamp duty. Properties between £40,000.01 & £125,000 will be charged stamp duty on the full purchase price.


NEW! How it works for first-time buyers buying a property worth up to £500,000

However, the system's different if you're a first-time buyer buying a property worth up to £500,000. This comes after the Chancellor announced in 2017's Autumn Budget that, with immediate effect, first-time buyers will pay zero stamp duty on the first £300,000 of any home costing up to £500,000 (and only 5% on any proportion between £300k and £500k).