Stamp Duty Update

Fantastic news for property buyers and sellers! Here’s the lowdown on the stamp duty changes

Stamp duty calculator

Here’s everything you need to know about stamp duty. 

What is Stamp Duty?

Stamp Duty Land Tax (SDLT) is the tax that must be paid when you purchase a property or a piece of land. The amount of money required for stamp duty depends on the overall price of the property as well as factors like whether it is residential or non-residential and whether or not you are a First Time Buyer. 

How much will you pay?

If the property is worth between £125,001 and £250,000, the stamp duty land tax rate is 2%. So if the property was valued at £250,000, you have to pay an extra £2,500 in stamp duty tax.

For the next £675,000, the rate is 5%. If the property you are purchasing was valued between £250,001 and £925,000 bracket, the buyer will not pay any stamp duty on the first £125,000 but will pay a 2% rate on the next £125,000 and a 5% rate on the following £675,000. 

First-time buyers in England and Northern Ireland are required to pay stamp duty. However, it does not apply to the first £300,000 of a main residential property if it costs less than £500,000.

In Wales, they are exempt from land transaction tax on the initial £180,000 of their home. In Scotland, they don’t have to pay land and buildings transaction tax on the first £175,000 of the sale.

Property price

Stamp Duty Rate Additional property rate
Up to £125,000 0% 3%
£125,001 - £250,000 2% 5%
£250,001 - £925,000 5% 8%
£925,001 - £1,500,000  10% 13%
>£1,500,001 12% 15%

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Now is a brilliant time to move and make these savings.

What is Land and Buildings Transaction Tax?

Land and Buildings Transaction Tax (LBTT) is the tax that must be paid when you purchase a property or a piece of land. It is administered by Revenue Scotland, with support from Registers of Scotland.

LBTT replaced UK Stamp Duty Land Tax in Scotland on 1 April 2015.

Similar to Stamp Duty, the amount of money required depends on the overall price of the property as well as factors like whether it is residential or non-residential and whether or not you are a First Time Buyer or purchasing an additional dwelling.

House price 

LBTT % Rate 

LBTT % Rate - Additional Properties

Up to £145,000
*First time buyer (FTB) up to £175,000

0%* 4%

£145,001 - £250,000
*FTB £175,001 - £250,000

0%* 6%
£250,001 - £325,000 5% 9%
 £325,001 - £750,000 10% 14%
Over £750,000 12% 16%

It's time to get moving

Now is a brilliant time to move and make these savings.

What is Land Transaction Tax?

Land Transaction Tax is the tax that must be paid when you purchase a property or a piece of land. It is collected by the Welsh Revenue Authority. Similar to England’s Stamp Duty, the amount of money required depends on the overall price of the property as well as factors like whether it is residential or non-residential and whether or not you are a first-time buyer or purchasing an additional dwelling.

Welsh Land Transcation Tax Changes

House price example

LTT % Rate 

LTT % Rate - Additional Property

Up to £180,000 0% 4%
£180,001 - £250,000 3.5% 7.5%
£250,001 - £400,000 5% 9%
 £400,001 - £750,000 7.5% 11.5%
£750,001 - £1,500,000 10% 14%
Over £1,500,000 12% 16%

It's time to get moving

Now is a brilliant time to move and make these savings.