It's important to consider the cost of Stamp Duty when purchasing your new home

Stamp Duty

What is Stamp Duty?
Stamp Duty (SDLT) is the tax charged by the Government which you pay on completion of a new home. In England, first-time buyers are exempt from paying Stamp Duty on properties up to £300,000. Homeowners are required to pay Stamp Duty from £125,000. As of the 1st April 2018, Stamp Duty in Wales is now referred to as Land Transaction Tax (LTT). You are required to pay Land Transaction Tax on properties over £180,000 in Wales.

How does it work?
The percentage of Stamp Duty will be applied to on the proportion of the property price within each tax band.
If you are buying a second home or for investment, there is an additional 3% charge on each bracket.

Stamp Duty payable on properties in England:

Purchase Price Stamp Duty %
£0 – £125,000 0%
£125,001 – £250,000 2%
£250,001 – £925,000 5%
£925,001 – £1.5million 10%
Over £1.5million 12%

Stamp Duty payable on properties in England for first-time buyers:

Purchase Price Stamp Duty %
£0 – £300,000 0%
£300,001 to £500,000 5% (£0 Stamp Duty on first £300,000)
 Over £500,000 5%

Land Transaction Tax (LTT) payable on properties in Wales:

Purchase Price  LTT%
£0 – £180,000 0%
£180,001 – £250,000 3.5%
£250,001 – £400,000 5%
£400,001 – £750,000 7.5%
£750,001 – £1.5million 10%
Over £1.5million 12%

 

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