Stamp Duty
Published / Last Updated on 17/05/2021
Stamp Duty 2024 - SDLT - Stamp Duty Land Tax known as Stamp Duty
Stamp Duty is usually paid to HMRC by your Solicitor on the completion of the property purchase, the amount will depend upon the value of your property.
Before 4th December 2014 Stamp Duty Land Tax (not in Scotland) was charged at a single % rate on the full property price but after this date, tax is paid as a % of the purchase price in bands as follows:
Try our handy Stamp Duty Calculator
|
Stamp Duty Tax Rates (not Scotland) 06/04/2024 to 05/04/2025 |
||
|
Rates |
|
Residential Property Value Tiers |
|
0.00 % |
|
£0.00 to £250,000.00 |
|
2.00 % |
|
£250,000.00 + to £250,000.00 |
|
5.00 % |
|
£250,000.00 + to £925,000.00 |
|
10% |
|
£925,000.00 + to £1,500,000.00 |
|
12% |
|
£1,500,000.00 + |
|
|
|
For example, a property bought for £350,000 has SDLT payable at £250,000 X 2% plus £100,000 X 5% |
|
|
|
Property bought inside a corporate envelope e.g. Ltd Company |
|
|
|
taxed at above rates until value £500,000 then |
|
15% |
|
£500,000 + enveloped dwellings * |
* Enveloped Dwellings Stamp Duty: Higher Rate of Stamp Duty payable if a residential property is bought by a 'none natural person' e.g. a corporate structure, a business, a partnership, a collective investment, a trust. The limit for the higher 15% rate stamp duty was £2,000,000+ properties but this was brought down to £500,000+ properties with effect 20 March 2014. There is also a yearly tax payable on see Annual Tax on Enveloped Dwellings (ATED)
Shared Ownership: stamp duty land tax is not due on shared equity scheme property until ownership reaches 80%
Zero Carbon Flats: No stamp duty land tax is payable on zero carbon flats purchased up to £500,000
2nd Properties: An additional levy of 3% is payable across all bands for purchases over £40,000.
Scotland Land & Buildings Transaction Tax
Scotland introduced a separate Land & Buildings Transaction Tax (LBTT) with effect from 01/04/2014.
Land & Buildings Transaction Tax Rates 06/04/2024 to 05/04/2025
|
Rates |
Residential Property Value Tiers |
|
0% |
£0 to £145,000 |
|
2% |
£145,001 to £250,000 |
|
5% |
£250,001 to £325,000 |
|
10% |
£325,001 to £750,000 |
|
12% |
£750,000 + |
Speak to us today to find out if you have to pay stamp duty on your property purchase.