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Stamp Duty Land Tax

If you’re buying a home that costs over £125,000, you will have to pay Stamp Duty Land Tax on your purchase.  This tax applies to both freehold and leasehold properties – whether you are buying outright or with a mortgage.

A reform of residential property stamp duty announced by the Chancellor in his Autumn 2014 statement means that rates will now only apply to that part of the property price that falls within each band, which is 0% paid for the first £125,000, 2% on the portion up to £250,000, 5% up to £925,000, 10% up to £1.5m and 12% on anything above that.

Minimum property purchase price

Maximum property purchase price

Stamp Duty rate (applies only to that part of the property price that falls within each 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%

For example, if your new home costs £125,000 or under you will pay no Stamp Duty. If it costs £175,000 you will pay £1,000 (2% of the property value that falls within the relevant band).

This is an example of how much Stamp Duty would be payable based on a purchase price of £275,000:

  • Portion 1: £0-£125,000 (0% tax) = 0.00
  • Portion 2: £125,000.01-£250,000 (2% tax) = £2,500.00
  • Portion 3: £250,000.01-£275,000 (5% tax) = £1,250.00
  • Total Stamp Duty paid: £3,750.00

The Chancellor announced in the Autumn 2017 Statement Stamp Duty Relief has been awarded to first time buyers.

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