Everything you need to know about Stamp Duty

Stamp Duty

When buying a new property there are lots of things to understand and arrange, and one of these is Stamp Duty. We’ve put together a Stamp Duty Guide to give you some more information on what you can expect to pay depending on the property price, the property location and your ownership history.

What is Stamp Duty?

What is commonly referred to as Stamp Duty (SDLT) is the tax charged by the Government which you pay on completion of a new home. As of the 1st April 2018, Stamp Duty in Wales is referred to as Land Transaction Tax (LTT).

What discounts or reliefs are there?

Following the Government announcement on 23rd September 2022, the threshold where Stamp Duty starts to apply has been raised in England. This means there is no Stamp Duty to pay on the first £250,000 and for first-time buyers there is no Stamp Duty to pay up to £425,000 – meaning you could save thousands on your new home.

In Wales, the current Land Transaction Tax threshold means you do not have to pay LTT on properties up to £180,000.

How much is Stamp Duty?

The percentage of Stamp Duty will be applied to 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.

Following the Government announcement on 23rd September 2022
Stamp Duty payable on properties in England:

For the latest advice for England and Northern Ireland you can visit the UK Government website.

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

Following the Government announcement on 23rd September 2022
Stamp Duty payable on properties in England, if you are a first-time buyer:

Purchase Price Stamp Duty %
£0 – £425,000 0%
£425,001 – £625,000 5%

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

For the latest advice for Wales you can visit the Welsh Government website.

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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