Stamp Duty can be confusing – what is it, when do you have to pay and are you exempt? The biggest question, without a doubt, is: How much Stamp Duty do I have to pay?
We know this question causes stress, and can impact your saving goals when arranging your deposit and mortgage. It’s so easy to forget about Stamp Duty, and if you’re buying a high value property, it can amount to quite a sum.
Our new calculator makes it easy – you just answer a few questions and find out your Stamp Duty sum immediately.
What is Stamp Duty?
Stamp Duty Land Tax (as it’s known in England) is the tax paid to the government when you buy a new home over a certain amount. It increases incrementally, dependent on the price of the property. You can find out more about this in our Guide to Stamp Duty
The tax threshold for residential properties is £125,000 in England and Northern Ireland, £145,000 in Scotland and £180,000 in Wales. For non-residential land and properties, the threshold is £150,000 no matter where you are in the UK.
If you’re a first time buyer you’re eligible for Stamp Duty relief
in England, Scotland and Northern Ireland. If you’re buying a second home anywhere in the UK, including a buy-to-let property, you’ll pay a higher rate.
England, Scotland, Wales, Northern Ireland
Stamp Duty works differently in different regions. There are different thresholds and rules regarding first time buyers or second properties. In Scotland you have Land and Buildings Transaction Tax, in England and Northern Ireland you have Stamp Duty Land Tax and in Wales you have Land Transaction Tax.
Our calculator takes all of these into account, so no matter where you’re buying your property, we’ll work out the correct payment due, according to the rules of the region.
Why use the Stamp Duty Calculator?
The Stamp Duty Calculator is our easy-to-use tool that can tell you how much stamp duty you’ll need to pay, from just a few simple questions. It takes into account the location and purchase price of the property, whether you’re a first time buyer, and whether the property is an additional home or a buy-to-let property, to tell you how much Stamp Duty you’ll need to pay. You’ll also be able to see a breakdown of the figure you’re given.
The Stamp Duty Calculator is an incredibly helpful tool because it allows you to be certain of one of the costs of moving house. There are many financial aspects of buying a home that are subject to change or can come as a surprise – for example the costs of replacing or fixing things damaged in transit, or the costs of further investigating issues flagged up in a house survey – but by using the Stamp Duty Calculator you can be sure of exactly how much you need to pay.
For peace of mind, have a look at our Stamp Duty Calculator
and you’ll also be able to find our helpful breakdowns of what Stamp Duty is, how it’s worked out and how you pay it.