Stamp Duty

Stamp Duty

First time buyers will not need to pay Stamp Duty Land Tax

...if their new home is less than £300,000.

Overview

As of 22 November 2017, first time buyers will not need to pay Stamp Duty when buying a home of up to £300,000; and for properties costing up to £500,000, no Stamp Duty will need to be paid on the first £300,000.

All other buyers will need to pay Stamp Duty Land Tax if their new home is more than £125,000.

The Stamp Duty rates, introduced in December 2014, mean that prospective homeowners won't need to pay Stamp Duty on the first £125,000, but 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.

From April 2016, those who purchase an additional house - for example: those who own more than one home, or buy-to-let property - will have to pay an additional 3% surcharge on Stamp Duty Land Tax†.

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

 

Example:
If you buy a house for £275,000, the Stamp Duty owed will be calculated* as below, based on owning only one home:

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

 

Stamp Duty changes for first-time buyers

Property price Before Budget After Budget
>£125,000 (England and NI) £0 £0
>£145,000 (LBBT Scotland) £0 £0
>£150,000 (Wales) £0 £0
£200,000 (England, Wales, NI) £1,500 £0
£300,000 £5,000 £0
£400,000 £10,000 £5,000
£500,000 £15,000 £10,000
Above £500,000 No change No change

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*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.

†From April 2016 stamp duty calculations reflect higher SDLT rates for anyone purchasing additional property.