Stamp duty advice

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Stamp duty

In England and Wales, when you buy a residential property above a certain price, you have to pay stamp duty. In December 2014 the calculation for Stamp Duty in England and Wales was changed, and it became cheaper for 98% of people who pay it, with buyers paying tax at a single rate on the entire property price.

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:

Under £125,000

  • No stamp duty is charged.

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 £925,00; 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 £925,00; 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.