Thanks! Stamp Duty Update

Stamp Duty Update

Stamp Duty is the goverment tax you pay when you have a property in the UK over a certain price. 

Philip Hammond announced the immediate abolition of stamp duty for all properties up to £300,000 bought by first-time buyers with immediate effect as part of a range of measures designed to address the UK’s housing crisis. The move will save four out of five first-time buyers up to £5,000.

The normal Stamp Duty still applies to everyone else: 

£0-£125,000

0% Stamp Duty Tax Payable

£125,001 - £250,000

2% Stamp Duty Tax Payable (on the portion from £125,001-£250,000

£250,001-£925,000

5% Stamp Duty tax payable (on the portion from £250,001 - £925,000)

£925,001 - £1.5million

10% Stmap Duty tax payable (on the portion from £925,001 - £1.5million)

£1.5million +

12% Stamp Duty tax payable (on the portion above £1.5million) 

EXAMPLES: 

£125,000 = No Stamp Duty

£150,000 = £3500 Stamp Duty

£175,000 = £1000 Stamp Duty

£200,000 = £1500 Stamp Duty