Stamp Duty Land Tax calculator

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Stamp Duty Land Tax calculator

You can use the following calculator to work out how much you will have to budget.

The calculator works out the Stamp Duty Land Tax (SDLT) you'll have to pay for residential purchases (including lease premium) using new rules effective from 4 December 2014.

Residential property purchase price

£

How does the Stamp Duty reform effect you?

In 2014, the Chancellor, George Osborne, announced the long-awaited changes to the Stamp Duty Land Tax, payable by buyers of UK property.

This long held cost to buyers has been criticised in the past as not adjusting with the increase in house prices, and was notably harsh to sellers their properties just above specific price points. The previous system distorted the market by making it very unattractive to buy a property for a price just above the stamp duty thresholds of £125,000, £250,000, £500,000, £1m, £2m because the entire value of the purchase was taxed at one rate.

Under the new system, which came into effect at midnight on 4 December 2004, buyers of properties under £937,000 will pay less Stamp Duty than the old system. However, buyers paying over this amount may pay considerably more.

First Time Buyer (Property up to £500,000)

Purchase Price Rate of tax payable
£0 - £300,000 0%
£300,001 - £500,000 2%

First Home

Purchase Price Rate of tax payable
£0 - £125,000 0%
£125,001 - £250,000 2%
£250,001 - £925,000 5%
£925,001 - £1,500,000 10%
Over £1,500,000 12%

Buy-to-let or Second Home

Purchase Price Rate of tax payable
£0 - £40,000 0%
£40,001 - £125,000 3%
£125,001 - £250,000 5%
£250,001 - £925,000 8%
£925,001 - £1,500,000 13%
Over £1,500,000 15%

The chart below compares the old rate to the new schedule applied to the full purchase price of the property, for purchases up to £1m.

Stamp duty charts

From the chart, it can be seen that:

  • No Stamp Duty is still payable for properties bought under £125,000
  • For purchases over £125,000, the rate of tax payable gradually increases.
  • There are now no discernable jumps in the tax rate, showing that the problem price points, i.e. £125,000, £250,000, £500,000 and others, now do not present any particular issues.
  • For most purchases above £935,000, the Stamp Duty payable now is greater than under the previous regime.

Find out how can we help you!

Call our head office on 01484 530361 or browse our branches to find out which is most convenient for you to get in touch.

alternatively, e-mail us sales@bramleys1.co.uk

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Stamp Duty Land Tax Calculator

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