Stamp duty is fairly straightforward for most property sales now up until the end of September.
- No stamp duty is payable on property purchases under £250,000.
- For property purchases between £250,000 and £925,000, 5% of the amount over £250,000 is payable (for example, if a property sold for £260,000, it would be 5% of £10,000 not 5% of £260,000).
- Additional amounts are payable for transactions over £925,000
- It is important to note that there are different rules for first time buyers (no stamp duty up to £300,000), additional properties (3% surcharge), and non-UK residents (2% surcharge).
The Stamp Duty Land Tax Calculator on the gov.uk website is a helpful tool to use if you or a prospective buyer are struggling to calculate the stamp duty payable on a transaction.