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What is Stamp Duty?

When purchasing a property in the UK a charge is applied to that property dependent on its value. That charge is Stamp Duty (Stamp Duty Land Tax). Until 31st March 2021 there will be no Stamp Duty to pay on homes up to the value of £500,000. The rate of Stamp Duty to pay on homes above the value of £500,000 will be 5% and will apply to the portion of the value between £500,001 and £925,000. An additional rate of 3% remains for buyers who already own residential properties, such as second homes and buy-to-let properties.

What are the rates?

Purchase price of property Rate of Stamp Duty Buy to Let/Additional Home Rate*
£0 - £500,000 0% 3%
£500,001 - £925,000 5% 8%
£925,001 - £1.5 million 10% 13%
Over £1.5 million 12% 15%

First time buyers or those moving from their main residence who buy properties up to the value of £500,000 won't have to pay stamp duty on purchases completed by 31st March 2021. For homes valued above £500,000, the excess between £500,001 and £925,000 will be charged at 5%.

Stamp Duty Calculator

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Stamp Duty Calculation Breakdown

Tax Band % Taxable Sum Tax
less than £500k 0 £0 £0
£500k to £925k 5 £675,000 £33,750
£925k to £1.5m 10 £75,000 £7,500
rest over £1.5m 12 £0 £0