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Stamp duty land tax

As of 1 October 2021, if you're a first time buyer purchasing a residential property you will not need to pay Stamp Duty on homes up to £300,000. You'll also benefit from only being required to pay 5% SDLT on the portion from £300,001 to £500,000. If your prospective purchase is above £500,000 standard non-discounted terms will apply.

Example:

If you buy a home for £400,000, the Stamp Duty owed will be calculated* as below, based on owning only one home:

0% on the first £300,000 = £0
5% on the amount from £300,001 (£99,999) = £5,000
Total SDLT = £5,000

Stamp Duty for single home owners: 

Property price

 

SDLT rate

Up to £125,000 (England and NI)

 

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%

Stamp Duty needs to be paid within 30 days of completion.