Stamp duty advice

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Stamp duty

In England and Wales, you have to pay Stamp Duty when you buy a residential property above a certain price. The rules for Stamp Duty were changed in November 2017, easing the burden on First Time Buyers.

Since April 2016, an additional 3% has been added on each stamp duty band for people purchasing a second property or buy-to-let property.

Stamp duty rates for residential property in England and Wales:

First Time Buyers

Under £300,000
  • No Stamp Duty is charged (but don't forget that you or your solicitor must still submit a SDLT return).
Price between £300,000 and £500,000
  • No Stamp Duty on the first £300,000 and a 5% duty on the remainder of the price up to £500,000
Price over £500,000
  • The rules are the same for Other Buyers as described below

Other Buyers

Under £125,000
  • No Stamp Duty is charged (but don't forget that you or your solicitor must still submit a SDLT return).
Price between £125,001 and £250,000
  • No stamp duty on the first £125,000 and a 2% charge on the remainder of the price up to £250,000.
Price between £250,001 and £925,000
  • No stamp duty on the first £125,000; a 2% charge on the portion of the price between £125,001 and £250,000; and then a 5% charge on the portion of the price over £250,001.
Price between £925,001 and £1.5m
  • No stamp duty on the first £125,000; a 2% charge on the portion of the price between £125,001 and £250,000; a 5% charge on the portion of the price between £250,001 and £925,000; and then a 10% charge on the portion of the price between £925,001 and £1.5 million.
Purchase price over £1.5m
  • No stamp duty on the first £125,000; a 2% charge on the portion of the price between £125,001 and £250,000; a 5% charge on the portion of the price between £250,001 and £925,000; a 10% charge on the portion of the price between £925,001 and £1.5 million; and then a 12% charge on the portion of the price over £1.5 million.
The government has a complete description of the rules including how they apply for shared ownership properties and when you own more than one property.