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Understanding Stamp Duty
Working out Stamp Duty
The amount of Stamp Duty you pay depends on the price of the property you buy.
From 23rd September 2022 if you are buying a residential property in England & Northern Ireland you’ll pay:
|
Proportion of property value |
Stamp Duty paid |
|---|---|
|
Proportion of property value Up to £250,000 |
Stamp Duty paid 3% |
|
Proportion of property value £250,001 - £925,000 |
Stamp Duty paid 8% |
|
Proportion of property value £925,001 - £1.5m |
Stamp Duty paid 13% |
|
Proportion of property value £1.5m+ |
Stamp Duty paid 15% |
Who pays Stamp Duty?
Anyone buying a property or piece of land worth over a certain amount has to pay Stamp Duty in England and Northern Ireland.
This could be when buying your first property if it’s over a certain amount, a second home or when you’re moving house.
Do first-time buyers pay Stamp Duty?
If you're a first time buyer in England and Northern Ireland, you will not have to pay Stamp Duty on the first £425,000 of a property's purchase price and then 5% for any amount above £425,000 up to £625,000.
If the purchase price is over £625,000, you will pay Stamp Duty at the home mover rate.
When do you pay Stamp Duty?
When buying a house in England or Northern Ireland, you have 14 days from the completion date to pay Stamp Duty.
This law came into effect in March 2019. Previously it was 30 days. Late payments can result in a fine and added interest.
Buy to Let Stamp Duty
From 23rd September 2022 In England and Northern Ireland, you'll pay a 3% Stamp Duty surcharge on any Buy to Let property worth £40,000 or more.
There are also higher rates for Buy to Let properties in Scotland and Wales.
|
Proportion of property value |
Stamp Duty paid |
|---|---|
|
Proportion of property value Up to £250,000 |
Stamp Duty paid 3% |
|
Proportion of property value £250,001 - £925,000 |
Stamp Duty paid 8% |
|
Proportion of property value £925,001 - £1.5m |
Stamp Duty paid 13% |
|
Proportion of property value £1.5m+ |
Stamp Duty paid 15% |
Find out more about Buy to Let mortgages.
The content on this page is for reference and does not constitute finance advice.
For impartial financial advice, we recommend government bodies like the MoneyHelper.
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