As of 8 July 2020 until 31 March 2021, if you purchase a residential property you will not need to pay Stamp Duty on homes up to £500,000 whether you are buying your first home or have owned a property before.
For all other buyers, for example those who own more than one home, or buy-to-let properties, you will have to pay an additional 3% on top of revised standard rates.
If you buy a home for £600,000, the Stamp Duty owed will be calculated* as below, based on owning only one home:
0% on the first £500,000 = £0 5% on the next £100,000 = £5,000 Total SDLT = £5,000
Stamp Duty for buyers owning a single property
Up to £500,000 (England and NI)
The next £425,000 (the portion from £500,001 to £925,000)
The next £575,000 (the portion from £925,001 to £1.5 million)
The remaining amount (the portion above £1.5 million)
What happens from 1 April 2021?
The Stamp Duty threshold will return to £300,000, for first-time buyers, as it was prior to 8 July 2020. It means you won’t need to pay Stamp Duty on the first £300,000, but you will need to pay 5% on the portion between £300,001 - £500,000.
Purchase of a main residence
The Stamp Duty threshold will return to £125,000, and purchasers will then need to pay 2% on the portion up to £250,000, 5% of the next portion up to £925,000, and 10% up to £1.5 million and 12% over £1.5 million.
Stamp Duty needs to be paid within 30 days of completion.
Stamp duty to pay
*The Stamp Duty calculator above is designed to give you an idea of your Stamp Duty liability when buying a home in the UK, based on owning only one home. This should be used as a guide only, and we cannot guarantee the accuracy of the results. Stamp Duty calculations are rounded to the nearest pound.
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