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You must pay Stamp Duty Land Tax (SDLT) if you buy a property or land over a certain price in England, Wales and Northern Ireland.

The current SDLT threshold is £125,000 for residential properties and £150,000 for non-residential land and properties.

NO Stamp duty for first-time buyers in England, Wales and Northern Ireland on properties up to £300,000. It will also apply to the first £300,000 for properties worth up to £500,000 purchased by first-time buyers.

In every region of England outside London, and in Wales and Northern Ireland, the average first-time buyer property will pay NO stamp duty. The stamp duty bill of the average first-time buyer in London will nearly halve, from £10,500 to £5,500.

Property Stamp Duty Land Tax for England, Wales & Northern Ireland

SDLT rate

Up to £125,000

Zero

The next £125,000 (the portion from £125,001 to £250,000)

2%

The next £675,000 (the portion from £250,001 to £925,000)

5%

The next £575,000 (the portion from £925,001 to £1.5 million)

10%

The remaining amount (the portion above £1.5 million)

12%

Example; If you were to buy a house for £275,000, the SDLT you owe is calculated as follows:

  • 0% on the first £125,000 = £0
  • 2% on the next £125,000 = £2,500
  • 5% on the final £25,000 = £1,250
  • Total SDLT = £3,750

Calculatethe cost of buyering a property by clicking here clicking here

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SDLT no longer applies in Scotland. Instead in Scotland you pay Land and Buildings Transaction Tax (LBTT) when you buy a property.

Purchase price

LBTT rate

Up to £145,000

0%

Above £145,000 to £250,000

2%

Above £250,000 to £325,000

5%

Above £325,000 to £750,000

10%

Over £750,000

12%

You pay the tax when you:

  • buy a property
  • buy a new or existing property
  • buy a property through a shared ownership scheme
  • are transferring land or property in exchange for payment, e.g. you take on a mortgage or buy a share in a house.

Example; If you were to buy a house in Scotland for £275,000, the LBTT you owe would amount to £3,350 and is calculated as follows

Tax Band

%

Taxable Sum

Tax

less than £145k

0

£0

£0

£145k to £250k

2

£105,000

£2,100

£250k to £325k

5

£25,000

£1,250

£325k to £750k

10

£0

£0

rest over £750k

12

£0

£0

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The above post is intended to be informative but does not constitute advice – financial, legal or otherwise. Any opinions given are the author’s own and do not necessarily reflect the views of Mortgage Finder.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Calculate the cost of your stamp duty

Enter your house value below to calculate the cost of the stamp duty.

This is the up to date calculation for 2016 onwards

This calculator is for residential properties/your home, for Buy to let and Second Homes click here