Warrington Calculate Stamp Duty Calculator UK | SDLT, LTT or LBTT for buying a home or property in Warrington for £490,000
Calculate your Stamp Duty (SDLT) for purchasing a property in Warrington for £490,000
Common questions about Stamp Duty & SDLT when buying a property in Warrington for 490,000
- How much stamp duty will I have to pay when buying a house in Warrington for £490,000?
- How can I calculate my Stamp Duty Land Tax liability (SDLT) when buying a home in Warrington for £490,000?
- Does my solicitor or conveyancer pay my Stamp Duty on my behalf when buying a property in Warrington for £490,000?
- I am buying a property in Warrington for £490,000. How much Stamp Duty will I have to pay?
- How much Stamp Duty will I pay on £490k when buying a property in Warrington?
- I need a house purchase Stamp Duty Calculator in Warrington for £490,000
How to work out Stamp Duty (SDLT) when buying a property in Warrington for £490,000
Calculate Stamp Duty Land Tax (SDLT) when buying a property in Warrington for £490,000.
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 in Warrington that is greater than £125,000 then a Stamp Duty Tax levy is applicable.
I am buying a property in Warrington, 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 in Warrington
- buy a property through a shared ownership scheme in Warrington
- If you take a property in lieu of a payment in Warrington
Rates of Stamp Duty in England, Wales and Northern Ireland when buying a residential property in Warrington for £490,000
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 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 for buying properties in Warrington for £490,000
From the 1st April 2016, Stamp Duty Rates for anyone purchasing an additional property in Warrington will change. Additional property includes buy to let investments and second homes in Warrington. 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 in Warrington that are purchased for £40,000 or less
Anybody purchasing a second home, buy-to-let property or additional home in Warrington 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 in Warrington?
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 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.
What about Stamp Duty (SDLT) relief and discounts for First Time Buyers in Warrington?
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 living in and around Warrington 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 Warrington?
In England, Wales & Northern Ireland, the new stamp duty (SDLT) rates for anyone buying a property up to £500k in Warrington 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 in Warrington 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.
As a first time buyer in Warrington you can use our online Stamp Duty Calculator to accurately calculate your SDLT. Our First Time Buyer Stamp Duty Calculator has been fully updated with the new UK Government SDLT rules announced on the 22nd November 2017.
Did the UK Government abolish SDLT relief for First Time Buyers?
When buying in Warrington, when does Stamp Duty (SDLT) have to be paid to HMRC?
The SDLT tax must be paid within 30 days of completion.
Your Conveyancer or Property Solicitor in Warrington files this return for you. You can save yourself time and money and get a Warrington cheap conveyancing quote online now. Note: Be sure to find a Conveyancing Solicitor or Property Lawyer that offers a fixed fee conveyancing quote in Warrington, this way you will avoid any nasty surprises or hidden fees..
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. If you or your conveyancing solicitor does not file this in time, you could face a hefty fine.