Stamp duty is a tax paid to the government by the purchasers of a property.
You do not pay stamp duty on the sale of a property.
The amount of stamp duty payable by a purchaser is based on the following calculations and is on the assumption that the purchase is the main residence and not a second home of any sort.
If a purchase is an additional home a further 5% of the full purchase price should be added to the following figures:
The figures have been ammended on 1st April 2025 following the chancellor Rachel Reeve’s October 2024 budget and are as follows:
The first £125,000 of any purchase is fully exempt irrespective of what price you are purchasing for.
Example: Purchase for £125,000 and you would not pay stamp duty.
Basically the first £125,000 of any residential purchase with the exception of any additional home is exempt.
The next £125,000 of any purchase, ie £125,000 – £250,000 has liability of 2% meaning that if purchasing at £250,000 the stamp duty payable would be £2500
If purchasing between £250,000 to £925,000 a 5% duty of any excess figure above £250,000 becomes payable.
Examples: Purchase for £300,000 = £5000 stamp duty payable, purchase for £650,000 = £22,500 stamp duty payable. Purchase for £800,000 = £30,000 stamp duty payable.
If purchasing between £925,000 and 1.5 Million a further 10% becomes payable on the upper level. Example: Purchase for £1,000,000 = £43,750
If purchasing a home as a first time buyer you will be exempt from stamp duty on the first £300,000.
Between £300,000 & £500,000 first time buyers pay 5% of the differential. Example: Purchase for £400,000 first time buyers pay £5000.
If purchasing above £500,000 all first time buyers “benefits” are not applicable and stamp duty would be paid as if a standard home purchase.
For more information or questions regarding stamp duty call Scott Beckett on 01394 338000
Information correct as of 1st April 2025.
