Stamp Duty Land Tax, SDLT for short, is a tax paid when purchasing property throughout England, Northern Ireland. The amount of stamp duty you pay, will vary depending on where the property is located, the properties value and how many properties you own.
In Wales, you pay a different tax called Land Transaction Tax. In Scotland, the tax is called Land and Buildings Transaction Tax.
Stamp Duty in England and Northern Ireland
In England and Northern Ireland, up until 30th June 2021 you do not pay any Stamp Duty on properties purchased for up to £500,000. If you complete a purchase on or after this date, you will be liable for stamp duty. This amount reduces from 1st July.
From 1st July 2021 to 30th September 2021, you do not pay Stamp Duty on properties purchased for up to £250,000. Once again, this value reduces from 1st October 2021.
From 1st October 2021, you pay zero Stamp Duty on properties purchased for up to £125,000. After this rate, stamp duty rates return to their normal values.
You may also be eligible for stamp duty relief if purchasing your first phone.
If you are purchasing an additional property, you may be subject to a higher rate. This rate will vary depending on where your current property is located, whether you’re buying with another person, buying with a spouse or as a trustee. However, there are some exceptions, for example if your previous home took longer than 36 months to sell due to something outside of your control – e.g. Covid, then you may be subject to a refund.
Land and Buildings Transaction Tax in Scotland
In Scotland, you may zero Land and Buildings Transaction tax (LBTT for short) until 31st March 2021 on property purchased for up to £250,000.
After this date, you will pay zero LBTT on property purchased for up to £145,000 for property. For first time buyers purchasing after April 1st 2021, they will pay zero LBTT on property valued up to £175,000.
If you are purchasing an additional property valued over £40,000, you will be subject to a 4% increase in LBTT, under the LBTT Additional Dwelling Supplement (ADS for short). The amount of LBTT you pay if you are not a resident in Scotland, varies from the normal LBTT rates.
You can view the LBTT rates and rules on the Scottish government website.
Land Transaction Tax in Wales
Land Transaction Tax (LTT), is charged on properties in Wales.
Until June 31st, there is zero LTT charged on residential poperties purchased for up to £250,000. You may be subject to higher rates on additional properties. For more information on the LTT Rates in Wales, visit the Welsh Government website.
Calculate Stamp Duty & Land and Buildings Transaction Tax
Use our calculator below, to calculate how much you’d owe for the property you are planning on purchasing. To use the calculator, select the properties location or whether it is commerical. Then enter the information requested, and click the calculate button.
Disclaimer: This calculator is for guidance purposes only. Always make sure to check the actual rate you will owe with your solicitor.