Current
Stamp duty land tax rates for residential property effective from the
latest
budget.
Stamp
duty is a tax on the property and land transactions in the UK.
There are different percentage rates of tax to be paid to HMRC
depending on the value of the property being purchased and different
rates for residential property, commercial property, freehold and leasehold.
Stamp Duty Land Tax Rates
Previously, SDLT (Stamp Duty Land Tax Rates) was charged at a single rate for the entire price of a property.
Now SDLT charges at increasing rates for each portion of the price.
SDLT
paid on Residential properties on each range:
0% on the first £125,000 of the property price
2%
on £125,001 - £250,000
5%
on £250,001 - £925,000
10%
on £925,001 - £1.5 million
12%
above £1.5 million
SDLT rates on Buy to
let /second home property purchases from 1st April
2016
3% on the first £125,000 of the property price
5%
on £125,001 - £250,000
8%
on £250,001 - £925,000
13%
on £925,001 - £1.5 million
15%
above £1.5million
If you sell your previous main home after you buy your new home you must pay the higher
rates on the new (second) home. If you sell or give away your previous main home within 3 years of buying your new home you can apply for a refund of the higher SDLT rate part of your Stamp Duty bill.
More
information on Stamp Duty
SDLT
info for mixed use property,
commercial property, non-residential, corporate
property and other variations such as exemptions
and first time buyers on SDLT can be found
at the UK Government website. See HouseWow property
resources links for UK
Govt Stamp duty land tax
Stamp
Duty Calculator
Use the HM Revenue and Customs
(HMRC) SDLT calculator to work out how much you'll pay.
HMRC
Stamp
Duty Calculator (Note: This link will
open a new window at HMRC external website.)
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