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Residential Stamp Duty

Stamp Duty Land Tax Rates from December 4th 2014

Stamp Duty Land Tax (Stamp Duty) is payable when you buy a property in the UK over £125,000. This is charged on all purchases of leasehold and freehold property. This includes homes, land, commercial buildings and farms.

The Stamp Duty rate depends upon:

Stamp Duty may also be due if you lease a property.

Stamp Duty is charged at different rates depending on the portion of the purchase price that falls into each rate
band.

Before 4 December 2014, Stamp Duty was charged as a single percentage of the property price. The 2014 reform means that the rates will now apply to that part of the price within each band. The residential Stamp Duty thresholds are as follows:

Final Purchase Price
£0 - £125,000
£125,001 - £250,000
£250,001 - £925,000
£925,001 - £1,500,000
£1,500,001+

Stamp Duty
0%
2%
5%
10%
12%

For example for a house with a purchase price of £260,000 the stamp duty payable will now be £3,000 as opposed to £7,800, made up of: 0% on the first £125,000, 2% on the next £125,000 and 5% on the final £10,000. A property with a purchase price of £550,000 will be £17,500 as opposed to £22,000, no stamp duty on the first £125,000, 2% on the next £125,000, 5% on remaining £300,000. On a purchase price of £1,000,000 no stamp duty on the first £125,000, 2% on the next £125,000, 5% on the next £675,000 and 10% on the remaining £75,000 making a total of £43,750 under the new system as opposed to £40,000 previously.

 

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