Stamp Duty

Moving House

Stamp Duty Land Tax is a tax based upon the price that is paid for property. In 2016 it was expanded to include higher bands when purchasing a second home or a buy to let property. In 2018 first time buyers were granted relief from SDLT for property prices below a certain threshold.

Stamp Duty Land Tax becomes payable 14 days from the day of completion.

If you have bought a house before, but will only own a single property after the purchase completes (i.e selling and buying at the same time) then the following rates apply.

Property value	SDLT rate
Up to £125,000	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%

If you are buying a second property, either to live in as a second home or to rent out the following rates will apply.

Property value	SDLT rate
Up to £125,000	3%
The next £125,000 (the portion from £125,001 to £250,000)	5%
The next £675,000 (the portion from £250,001 to £925,000)	8%
The next £575,000 (the portion from £925,001 to £1.5 million)	13%
The remaining amount (the portion above £1.5 million)	15%

If you are a first time buyer then you will be subject to the following relief.

Property value	SDLT rate
Up to £125,000	Zero
The next £175,000 (the portion from £125,001 to £300,000)	Zero
The next £200,000 (the portion from £300,001 to £500,000)	5%
The next £425,000 (the portion from £500,001 to £925,000)	8%
The next £575,000 (the portion from £925,001 to £1.5 million)	10%
The remaining amount (the portion above £1.5 million)	12%

Be aware that there are additional rules for situations not detailed here. For further information about Stamp Duty, or for a quote for conveyancing please us via;-
Telephone: 02476 55 31 81
Email: conveyancing@s-law.co.uk