What is it?
Stamp duty land tax is a charge on property transactions and is payable on all properties over £125,000. After a change in stamp duty regulations in 2017, first-time buyers are now exempt from paying stamp duty on the first £300,000 as long as their property price is £500,000 or less. However, for those who are not first-time buyers, the minimum you can expect to pay on a property worth over £125,000 is 2%. This percentage then goes up in bands depending on the value of your property.
For houses worth up to £300,000 you will pay no stamp duty.
You will pay 5% on the remaining amount between £300,001 and £500,000.
If the house you’re buying is worth over £500,000, you will pay the standard rates (below).
Existing Home Owners
For houses worth up to £125,000 you will pay no stamp duty.
You will pay 2% on any amount between £125,001 and £250,000.
You will pay 5% on any amount between £250,001 and £925,000.
You will pay 10% on any amount between £925,001 and £1.5 million.
You will pay 12% on any amount over £1.5 million.
Average fee: £2,021 based on average UK house price of £226,071
Calculate the stamp duty on your next home with this handy stamp duty calculator.