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What is Stamp Duty?

Stamp Duty, also known as Stamp Duty Land Tax (SDLT) is a tax that you are required to pay when purchasing property or land that exceeds a certain value. Stamp Duty only applies for property purchased within England and Northern Ireland.

If you are purchasing property in Scotland, you will be required to pay a Land and Buildings Transaction Tax and in Wales you would pay a Land Transaction Tax. If you are looking to buy in Scotland or Wales, please get in touch to speak to one of our advisers about any tax that would be due.

Stamp Duty Land Tax Rates & Stamp Duty Thresholds

From September 23rd 2022, the Stamp Duty Rates are as follow:

Stamp Duty Threshold Stamp Duty Rate
Up to £250,000 0%
£250,001 to £925,000 5%
£925,001 to £1.5 million 10%
Remainder above £1.5 million 12%

Typically 3% is paid on top of these rates if you own another residential property.

If the property you are purchasing is to replace your current home and it has already been sold, you will not be responsible for the higher Stamp Duty Rate. However, if your current residence has not yet sold at the time of buying the second property you will need to pay the higher rate. If the original property is then sold within 36 months of purchasing the second property you can apply for a refund.

Stamp duty for first time buyers

If you are a First Time Buyer, you are eligible to claim a discount on your SDLT.

Stamp Duty Threshold Stamp Duty Rate
Up to £300,000 0%
£300,001 to £500,000 5%

If the property you are purchasing is valued at more than £500,000 then you cannot claim the First Time Buyer SDLT discount and the Stamp Duty Rates for people who have previously bought a property will apply.

Buy-to-Let Stamp Duty Rates

When buying a second property alongside your primary residence, be it a second home, holiday home or Buy-to-Let purchase you will be required to pay an additional 3% on each Stamp Duty Rate threshold.

Stamp Duty for Overseas buyers

The 2020 budget announced new rules for overseas buyers who are looking to purchase a residential property in England or Northern Ireland. From the 1st April 2021 Stamp Duty for overseas buyers will include an extra 2% added to the home buyer Stamp Duty Rates that apply.