To calculate the amount of Stamp Duty Land Tax (SDLT) you need to pay on a property purchase in the UK, you will need to take into account several factors, including the purchase price of the property, whether you are a first-time buyer, and whether the property is your main residence or a second home.
The rates of SDLT are tiered based on the purchase price of the property, as follows:
- Up to £125,000: 0%
- £125,001 to £250,000: 2%
- £250,001 to £925,000: 5%
- £925,001 to £1.5 million: 10%
- Above £1.5 million: 12%
For first-time buyers, there is a SDLT relief available, which means that you will not have to pay any SDLT on the first £300,000 of the purchase price for properties up to £500,000.
For second homes or buy-to-let properties, there is a 3% surcharge on top of the standard SDLT rates.
To calculate the amount of SDLT you need to pay, you can use an online SDLT calculator, which can be found on the UK government website. You can input the purchase price of the property and any relevant information, such as whether you are a first-time buyer or purchasing a second home, and the calculator will provide you with an estimate of the SDLT you will need to pay.
It’s important to note that the SDLT rules and rates are subject to change, so it’s recommended that you seek advice from a qualified professional, such as a solicitor or accountant, to ensure you are calculating the correct amount of SDLT payable.
