Stamp Duty is a tax you might have to pay when buying a property or a piece of land. The tax rate and threshold depend on whether the property is residential or non-residential, and whether you are eligible for relief or exemption.  This tax applies to both freehold and leasehold properties. It also applies whether you’re buying outright or with a mortgage.

Depending on where you are buying in the United Kingdom, Stamp Duty is called different names, for example, in England and Northern Ireland it’s called Stamp Duty Land Tax (SDLT), in Scotland it’s called Land and Buildings Transaction Tax (LBTT) and in Wales Land Transaction Tax (LTT).

There are several rate bands for Stamp Duty. The tax is calculated on the part of the property purchase price falling within each band and these bands differ across England/Northern Ireland, Wales and Scotland.

First Time Buyers

If you’re a first-time buyer in England, Northern Ireland and Scotland there is currently a “first-time buyers relief” where you will pay no Stamp Duty up to a certain purchase price.

England and Northern Ireland – No Stamp Duty is payable up to £125,000 with a maximum purchase price of £500,000.

Scotland – No Stamp Duty is payable up to £175,000 (currently no maximum purchase price)

Wales – Currently no first-time buyer relief.

Stamp Duty is payable within 14 days of completion and is typically completed via your solicitor. Please consult with your solicitor for further information.

This calculator is a guide only and as Stamp Duty can vary in different areas, we recommend you consult with your solicitor to confirm the exact payment required, prior to committing to a purchase.

Useful Stamp Duty information Links:

England and Northern Ireland – https://www.gov.uk/stamp-duty-land-tax

Scotland – https://www.gov.scot/policies/taxes/land-and-buildings-transaction-tax

Wales – https://gov.wales/land-transaction-tax-calculator

For any help on stamp duty, please contact one of our Mortgage Advisers on 01270 620555 for more information