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Stamp Duty

Stamp Duty

Buying a new home up to the value of £500,000?

Let’s talk about the savings you could make.

Overview

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.

 

Example:

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

 

Property price   SDLT rate
Up to £500,000 (England and NI)   Zero
The next £425,000 (the portion from £500,001 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%
     
     

What happens from 1 April 2021?

 

First-time buyers

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.

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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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