Stamp Duty Land Tax

On completion of your purchase, any Stamp Duty Land Tax due must be paid to HMRC within 30 days.  We will collect this from you before completion and deal with the payment.  The amount you need to pay will depend on the purchase price:

Purchase price
Up to £125,000
£125,001 - £250,000
£250,001 - £500,000
£500,001 - £1,000,000

Over £1,000,000

Rate of Stamp Duty Land Tax
0%
1%
3%
4%

5%

These rates only apply to residential property.  For first time buyers, no Stamp Duty Land Tax is payable up to £250,000 - please note this exemption only applies on purchases completed up to and including 24th March 2012.   

Unlike other taxes, there is no smooth progression between the bands.  So, if you purchase a property for £250,000, Stamp Duty Land Tax will be calculated at 1%, which comes to £2,500.  However, if the property costs £251,000, the Tax will be calculated at 3% on the whole amount - £7,530. 

In certain circumstances, where a property is slightly over one of the thresholds, it may be possible to apportion part of the value of the property to chattels which are not subject to Stamp Duty Land Tax - please contact us for further guidance on this. 

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