Updated Stamp Duty Rates from today until 30th September.

Stamp duty is fairly straightforward for most property sales now up until the end of September.

  1. No stamp duty is payable on property purchases under £250,000.
  2. 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).
  3. Additional amounts are payable for transactions over £925,000
  4. 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.

 

Leave a Reply

Your email address will not be published. Required fields are marked *