Stamp duty is a land tax that most people buying a property have to pay to the Government on completion. The amount they have to pay depends on the value of the property they are buying, with more expensive houses incurring a higher rate of stamp duty land tax.

stamp-duty-property-transactions
Text For more information on Lurot Brand’s Sales department or to talk to a member of our team about fees, please call us on 020 7590 9955


If you’re thinking of buying a property your first question is likely to be: “How much is stamp duty?” The rate you can expect to pay is temporarily lower until the 31st of March 2021. The Government has taken away all Stamp Duty Land Tax for properties that are being bought as primary residences that are sold for £500,000 or less. As the current system is cumulative in its calculations this has a knock-on saving for all purchases above this amount too. It will be 5% on the amount paid between £500,001 and £925,000, 10% on the amount between £925,001 and £1.5M and 12% on the amount over this. From April 2016 buyers acquiring buy-to-let investments or second homes have been required to pay an additional 3% in tax on the whole amount, because the property in question is not their primary home.

Unfortunately, the stamp duty on property (sometimes referred to as SDLT or house stamp duty) will push up the overall price of your purchase. If you’re not sure how much the total will be in a home you want to buy, you can always use a handy online stamp duty calculator to work out the exact cost.

We often receive questions from buyers living overseas, who want to know if they will have to pay additional UK stamp duty rates if they purchase a buy-to-let or second home in Great Britain. Regrettably, the answer is yes. The additional 3% is payable if the purchaser owns another residential property anywhere in the world.

If you’re still unsure and would like to discuss stamp duty with a member of our sales team, we’d be happy to help. Call us today at our offices in Hyde Park, Notting HillSouth Kensington or Belsize Park

How much do I have to Pay?

Stamp Duty on Residential Property Purchases, between 8 July 2020 to 31 March 2021, is now tiered and calculated as below:

  • No tax is due up to the first £500,000
  • 5% is due over £500,000 to £925,000
  • 10% is due over £925,000 to £1.5 million
  • 12% is then due on any amount paid over £1.5 million

For more information on Lurot Brand’s Sales department or to talk to a member of our team about fees, please call us on 020 7590 9955
or click here to email us directly

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