How much tax will you have to pay when buying a property in the UK?
Updated reduced rates of Stamp Duty Land Tax (SDLT) for residential properties purchased from 8 July 2020 until 31 March 2021 inclusive.
FAQ
What is Stamp Duty?
How do I pay Stamp Duty?
How is Stamp Duty calculated?
Property prices are grouped into different brackets and taxes accordingly – very similar to how income tax is calculated.
Up until March 2021, the band brackets below.
Main Home Residence
Band | First time buyers/standard residential |
Up to £500,000 | 0% |
£500,001 and up to £925,000 | 5% |
£925,001 and up to £1.5 million | 10% |
Above £1.5 million | 12% |
Second home
There is a 3% additional rate on top of the % above for all second properties. .
Band | Second home |
Up to £500,000 | 3% |
£500,001 and up to £925,000 | 5% |
£925,001 and up to £1.5 million | 13% |
Above £1.5 million | 15% |
Correct as of July 2020