Stamp Duty

Calculate property stamp duty

When is Stamp Duty paid?

When buying a property over a certain price, stamp duty is payable to the HMRC 14 days from the date of completion or a fine may be imposed. Your solicitor or legal adviser should take care of this for you and ensure you don’t miss the deadline. Some buyers prefer to add on the SDLT amount to their mortgage loan. You should speak to your mortgage provider to ascertain whether this is an option.

Stamp Duty Land Tax (SDLT) is a progressive tax paid when purchasing a freehold, leasehold or shared ownership residential property over £250,000 in England, Northern Ireland and Wales (separate Land and Buildings Transaction Tax in Scotland).

Updated SDLT rates were introduced in the Chancellor’s ‘mini-budget’ on 23rd September 2022.

The SDLT rates continue to be applied on a sliding system based on thresholds and dependent on a property’s price. Different SDLT rates and thresholds apply to non-residential property or mixed-use land.

The SDLT rates are payable only on the PORTION of a property price, which falls within each band as follows:

• £0.00 – £250,000 – 0%
• £250,001 – £925,000 – 5%
• £925,001 – £1,500,000 – 10%
• £1,500,001 above – 12%

Buy-to-let and second homes Stamp Duty

For those buying an additional residential property, there is an extra 3% rate on top of the standard rates applicable within each band. First time buyers have SDLT relief on their first property purchase up to a value of £425,000.

As with every tax, there are those who will be better and worse off compared to the previous system. Our calculator will help identify the specific liabilities to SDLT for Principal Private Residences, Buy to let or investment properties and second homes.

Contact us if you wish to discuss property investment as part of a portfolio.

Stamp Duty Calculator