Please see the current SDLT rates below (as per new system from November 2014) :
|Property or lease premium or transfer value||SDLT rate|
|Up to £125,000||Zero|
|The next £125,000 (the portion from £125,001 to £250,000)||2%|
|The next £675,000 (the portion from £250,001 to £925,000)||5%|
|The next £575,000 (the portion from £925,001 to £1.5 million)||10%|
|The remaining amount (the portion above £1.5 million)||12%|
In addition to the above table, the Government has confirmed a 3% increase in the rate of stamp duty on buy-to-let and second homes from 1st April 2016.
Stamp Duty Calculator
In England Stamp Duty Land Tax (SDLT) is payable when you buy a property or land over a certain price and the current SDLT threshold is £125,000 for residential properties and £150,000 for non-residential land and properties.
SDLT is payable when you buy a freehold property or a new or existing leasehold and is payable within 30 days of completion, which your solicitor can help you with.
Should you wish to discuss any property tax questions further then feel free to get in touch so we can put you in direct contact with a specialist.