Stamp Duty Land Tax (SDLT) Calculator
House purchase price (£):
Do you own any other properties? (tick this box if you or your husband/wife or any other party to this transaction own another property)
Stamp Duty Rates
|Purchase price||Residential SDLT rates||Additional property rates*|
|0* to £125,000||0%||3%|
|Over £125,001 to £250,000||2%||5%|
|Over £250,001 to £925,000||5%||8%|
|Over £925,001 to £1.5 million||10%||13%|
|Over £1.5+ million||12%||15%|
|*Transactions under £40,000 do not require a tax return to be filed with HMRC and are not subject to the higher rates.|
What is Stamp Duty?
Stamp Duty Land Tax (SDLT) is a UK tax a buyer must pay when purchasing a property over £125,000.
In December 2014 the Stamp duty rates changed from the old system (where you’d pay a single rate on the ENTIRE property price) to a more sensible progressive system, similar to income tax. As the property price increases, so does the stamp duty percentage rate, but you only pay that rate on the money above the thresholds (stepped rates).
How and when do I pay stamp duty?
Once you’ve purchased a property you’ll have 30 days from the completion date to pay your stamp duty. The solicitor or conveyancer handling the property transfer should help you pay for this and they’ll ensure that you don’t miss the deadline.
Does stamp duty apply to fixtures and fittings?
Yes and No. Stamp duty DOES apply to fixtures and fittings like bathroom fittings and other fixtures that are attached to the building. But it DOES NOT apply to removable fixtures and fittings like furniture, carpets and curtains.
It is possible to reduce your stamp duty bill by subtracting the value of removable fittings from the property price. You could save a lot of money doing this, but be careful, don’t exaggerate the value of the fixtures too much. The HMRC hand out high penalties to buyers and sellers that abuse the system. So make sure you can justify those £20,000 curtains.
Can I pay Stamp Duty Tax using my mortgage?
Yes, you can pay your stamp duty using your mortgage.
Stamp Duty on Shares
Stamp Duty doesn’t just apply to property transactions. When you buy shares, you usually have to pay Stamp Duty Land Tax (SDLT) on the transaction (around 0.5%). However, Stamp duty is not payable when shares are first issued. It’s all rather complicated, for more info visit https://www.gov.uk/tax-buy-shares/overview.