Stamp Duty- Sorry but it has to be paid
Stamp Duty
Stamp Duty is paid at different rates, depending on the purchase price. For example, someone buying a property for £245,000 would pay no tax on the value of the property up to £125,000 and 2% tax on the property value between £125,001 and £245,000. In this case, total liability for Stamp Duty would be £2,400 giving an effective tax rate of 1%.
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When To Pay It
You have to pay Stamp Duty within 30 days of buying a property. If you're using a solicitor to carry out the conveyancing, they will normally organise the payment for you.
To Check out how much you will have to pay click here for the Money Advice Website
For Government information go to
https://www.gov.uk/stamp-duty-land-tax/residential-property-rates
| Purchase price of property | Rate of Stamp Duty | Buy to Let/ Additional Home Rate* |
|---|---|---|
| £0 – £125,000 | 0% | 3% |
| £125,001 – £250,000 | 2% | 5% |
| £250,001 – £925,000 | 5% | 8% |
| £925,001 – £1,500,000 | 10% | 13% |
| Over £1.5 million | 12% | 15% |
* Properties under £40,000 are not subject to second home SDLT
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