Stamp Duty Calculator

What is Stamp Duty Land Tax?

Stamp Duty Land Tax (SDLT) in the UK is a progressive tax paid when purchasing  leasehold, freehold or shared ownership real estate over £125,000 in England, Northern Ireland and Wales. In Scotland it is called Land and Buildings Transaction Tax (LBTT).

 

Who pays Stamp Duty?

Everyone who purchases a property in the UK whether residential or non-residential, pays stamp duty land tax. This includes corporate bodies, overseas citizens and non-natural persons.

 

What are the major changes to UK Stamp Duty in 2020?

As of April 2020, the Stamp Duty Land Tax (SDLT) starts at 3% for homes valued from £125,000 up to 15% for houses valued over £1.5 million. According to the latest budget speech, there will be an additional 2% tax charge on properties exchanged after the 11th of March 2020. This will be levied on top of all other stamp duties payable on including an additional 3% payable for second homes or buy-to-let properties.

How do I calculate the new Stamp Duty rate?

The rate of SDLT increases for each property price bracket. When a higher price threshold is reached, the next portion of your investment is taxed on the progressive rate. See the below table for a more detailed breakdown.

*An additional property purchased for less than £40k will attract 0% tax. For purchases from £40k to £125k the SDLT rate will be 3% on full purchase price. The SDLT rates above apply to freehold residential purchases in England and Northern Ireland.
Note: Further stamp duty relief is available for first time buyers.

 

When is Stamp Duty paid?

Stamp duty is payable to HM Revenue & Customs (HMRC) 14 days from the date of completion or late penalties apply. At IP Global, your solicitor will take care of this and make sure the deadline isn’t missed.

 

How do I reduce Stamp Duty Tax?

Stamp duty tax is only payable on your property’s permanent building fixtures. This means that if you have removable fixtures and fittings such as fridges, sofas, freestanding wardrobes, curtains and carpets they are not subject to the SDLT tax. You can therefore subtract these items from the total property price

 

For more information, please contact us now.

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Stamp Duty Payable
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The table below shows how your stamp duty payable is calculated

Price of Property Rate Payable