Stamp Duty Calculator | Calculate your UK SDLT when buying a property
Calculate Stamp Duty has been setup as a simple website and tool to do just that ... Calculate your stamp duty land tax liability, when purchasing a new home or property in England, Wales and Northern Ireland.
When you buy a residential property which is greater than £125,000 then a Stamp Duty Tax levy is applicable.
When is Stamp Duty Land Tax due? Which property transactions attract a Stamp Duty charge or SDLT?
Stamp Duty is due and payable if you:
- buy a freehold or leasehold property
- buy a property through a shared ownership scheme
- If you take a property in lieu of a payment
Current Rates of Stamp Duty in England, Wales and Northern Ireland
From 4th December 2014 the Stamp Duty Land Tax system was overhauled by the UK Government. The old slab style system of taxation was replaced with a progressive tax system similar to UK income tax. The new residential stamp duty rates are calculated as follows:
- 0% on the first £125,000 of the property price - nothing to pay
- 2% on the next £125,000
- 5% on the next £675,000
- 10% on the next £575,000
- 12% on the rest (above £1.5 million)
New Rates of Stamp Duty (SDLT) that come into effect from 1st April 2016 - Increase for Additional Properties, Buy-To-Let Investments and Second Homes
From the 1st April 2016, Stamp Duty rates for anyone purchasing an additional property will change. Additional property includes buy to let investments and second homes. Each bracket will essentially attract an additional 3% surcharge. The rates will be as follows:
- 3% on the first £125,000 of the property price
- 5% on the next £125,000
- 8% on the next £675,000
- 13% on the next £575,000
- 15% on the rest (above £1.5 million)
Second Properties, Buy-To-Let and Second Homes that are purchased for £40,000 or less
Anybody purchasing a second home, buy-to-let property or additional home that is under £40,000, will not have to pay any Stamp Duty on the transaction.
Are there any properties that are exempt from these changes?
You will not be liable for the higher rate of stamp duty (sdlt) if your residential property is:
- a caravan, mobile home or houseboat
- outside England, Wales and Northern Ireland
What about Foreign Investors or people that own a property abroad, but are also looking to buy a second home?
These people will also pay the higher rate of Stamp Duty, if you buy a residential property in England, Wales or Northern Ireland and you already own one outside of these countries.
What about Stamp Duty in Scotland?
Stamp Duty Land Tax no longer applies in Scotland. Instead you pay Land and Buildings Transaction Tax when you buy a property. (LBTT)
What about Stamp Duty (SDLT) relief for First Time Buyers?
On the 22nd November 2017, the UK Government announced a cut and reduction in Stamp Duty Rates for First Time Buyers, a move that is hoped will provide a stimulus for the UK housing market and help younger generations getting on to the property ladder.
HM Treasury has predicted that the SDLT reduction will help nearly 80% of first time buyers avoid paying stamp duty altogether. These changes currently apply to first time buyers in England, Wales & Northern Ireland.
What are the new First Time Buyer 2017 Stamp Duty Rates for buying a property?
In England, Wales & Northern Ireland, the new stamp duty (SDLT) rates for anyone buying a property up to £500k are:
- Up to £300,000 Purchase Price = 0%
- £300,001 to £500,000 = 5% (on that portion of the purchase price)
If you are a first time buyer and you purchase a property for more than £500,000, then you will be subject to the standard SDLT rates. The first-time buyer relief is only available on Purchase's LESS THAN £500,000.
Did the UK Government abolish SDLT relief for First Time Buyers?
When does Stamp Duty (SDLT) have to be paid to HMRC?
The SDLT tax must be paid within 30 days of completion.
Please make sure that before you exchange on your property, that you have accounted for the amount of Stamp Duty Tax that is due and that you have the funds available, to allow for the tax to be paid promptly.