How much tax will you have to pay when buying a property in the UK?
Stamp Duty Land Tax (SDLT)
What is Stamp Duty?
'Stamp Duty Land Tax' is a tax due when buying property and land in the UK.
How do I pay Stamp Duty?
Typically your Solicitor will assist you with Stamp Duty payments.
How is Stamp Duty calculated?
Since 4th December 2014, you will only pay the rate of tax on the part of the property price within each tax band. (This is similar to how income tax is calculated)
Non-UK resident?
Stamp Duty for non-UK residents will include an additional 2% for purchases of residential property from 1 April 2021. This is in addition to the bands described below.
Second home?
Stamp Duty for additional properties will include an additional 3% in addition to the bands described below. If you are in the process of selling your main residence while buying a second property you may be able to apply for relief. More information at:
Gov.uk - Stamp Duty
Stamp Duty Bands
Standard Rate
Band
Rate
Up to £250,000
0%
£250,001 and up to £925,000
5%
£925,001 and up to £1.5 million
10%
Above £1.5 million
12%
First Time Buyers
Limited to properties with a purchase value below £625,000, if property exceeds value please use table Standard Rate above
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