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Stamp Duty Calculator

Stamp duty can add £10,000s to a homebuyer's costs, but temporary changes mean many WON'T have to pay it. Until April 2021, in England and Northern Ireland you won't pay any stamp duty on a main residence up to £500,000, while in Scotland and Wales the threshold's rising to £250,000. This guide's got all you need to know about how stamp duty works and when you'll need to pay it, and it also includes a free stamp duty calculator.

Stamp Duty Calculator

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Total SDLT due

Below is a breakdown of how the total amount of SDLT was calculated.

Up to £500k(Percentage rate 0 %)

Above £500k and up to £925k (Percentage rate 5 %)

Above £925k and up to £1.5m (Percentage rate 10 %)

Above £1.5m (Percentage rate 12 %)

*This is for illustrative purposes only





What is stamp duty?

When you buy a property or land you usually pay tax on it. While often referred to as stamp duty, that's only the name in England and Northern Ireland - it's different in Scotland and Wales, where it's known as 'land and buildings transaction tax' and 'land transaction tax' respectively.

Stamp Duty Calculator

The rate of stamp duty you'll pay depends on where in the UK you're buying a property. England and Northern Ireland have the same rates, while Scotland and Wales use different rate bandings.

This calculator shows how much stamp duty is due on a MAIN RESIDENCE ONLY (excluding buy-to-let and additional properties), based on where you're buying.

Stamp duty - what's changed?

In response to the coronavirus pandemic, there have been some sweeping changes to stamp duty in England and Northern Ireland, and land and buildings transaction tax in Scotland, while similar changes will take effect in Wales from Monday 27 July. In a nutshell, the threshold at which you start paying stamp duty (or land and buildings transaction tax/land transaction tax) has increased significantly. In short:

  • In England and Northern Ireland, there is now no stamp duty on any primary residential property worth up to £500,000.
  • In Scotland, the threshold on a primary residence has increased to £250,000.
  • In Wales, the threshold on a primary residence will increase to £250,000 from 27 July.
  • In all four of the home nations, this temporary change will last until 31 March 2021.

If you're in England or Northern Ireland

In England and Northern Ireland, since 8 July 2020 no stamp duty has been due on the first £500,000 of a property (provided it's your main residence, it excludes additional properties).

1. Let's assume you're buying a property for £450,000... You pay nothing below £500,000.So this means you'll pay no stamp duty at all.

2. Let's assume you're buying a property for £650,000... You pay nothing below £500,000.?You pay 5% on between £500,000 and £925,000, which is £7,500 on a £650,000 property.?So in total, this means you'll pay £7,500.

People buying an additional property (ie, in addition to any they already own) that costs more than £40,000 are subject to the higher stamp duty rate. So if you bought a second home worth £100,000, you would pay 3% stamp duty on the portion between £40,000 and £100,000

If you're in Scotland

It's not actually called stamp duty in Scotland anymore. A reform brought in by the Scottish Government in April 2015 means it's now referred to as 'land and buildings transaction tax' (LBTT).

However, while the name's changed, the principle hasn't. It's still a lump-sum tax that anyone buying a property or land costing more than a set amount has to pay. And it's a remarkably similar system to the one the rest of the UK uses, the main difference is the thresholds it uses are at different rates.

And like in England and Northern Ireland, the Scottish Government has increased the threshold at which you start paying land and buildings transaction tax (kicked in on 15 July), a change that will last until 31 March 2021. Here's an example of how the temporary Scottish system works, for a property priced priced at £400,000.

You pay nothing below £250,000.?You pay 5% on between £250,001 and £325,000, which is £3,750.?You pay 10% on between £325,001 and £400,000, which is £7,500.

So in total, this means you'll pay £11,250 (£0 + £3,750 + £7,500).

If you're a first-time buyer, these same rules and rates also apply.

If you're in Wales

The Welsh Revenue Authority (WRA) is responsible for collecting and managing land transaction tax (LTT), which replaced stamp duty land tax in Wales last year.

LTT works similarly to the old stamp duty system, but the Welsh Government has set the thresholds for the tax bands at different rates.

Similar to England, Northern Ireland and Scotland, the threshold at which you start paying land transaction tax is set to increase (in response to coronavirus). From 27 July 2020 until 31 March 2021, no stamp duty will be due on any main property worth up to £250,000 (this won't apply to additional properties).

Here's an example of how the Welsh system will work from 27 July 2020, for a single residential property priced at £300,000 and filed at main rates.

You pay nothing below £250,000.?You pay 5% on between £250,001 and £300,000, which is £2,500. So in total, this means you'll pay £2,500 (£0 + £2,500).

Source moneysavingexpert.com

For more information please see https://www.moneysavingexpert.com/mortgages/stamp-duty/