How Much Stamp Duty Will You Pay
The Chancellor of the Exchequer introduced new Stamp Duty rates in an announcement on 23 September 2022.
Stamp Duty is now levied on the amount that you pay for a residential property above £250,000
The Stamp Duty Land Tax (SDLT) thresholds will be:
up to £250,000 Zero
The next £675,000 (the portion from £250,001 to £925,000) 5%
The next £575,000 (the portion from £925,001 to £1.5m) 10%
The remaining amount (the portion above £1.5m) 12%
First-time buyers
From the 23rd September 2022 you can claim a discount (relief) if the property you buy is your first home.
This means you will pay no SDLT up to £425,000
Higher Rates of Stamp Duty for Additional Properties
The 3% higher rate of SDLT for purchases of additional dwellings, such as second homes or buy-to-let properties, is applied on top of the rates set out in the table above.
Your solicitor will arrange for the Stamp Duty Land Tax to be paid to
HM Treasury on completion of your purchase.