When you buy a home the following Stamp Duty rates will apply to the relevant proportion of the purchase price.
There is no Stamp Duty to pay for the first £250,000 of the property price, with the Stamp Duty threshold increasing to £425,000 for first-time buyers providing that the property does not exceed £625,000. If you are a second home buyer you will pay a 5% surcharge known as ‘Higher Rates on Additional Dwellings’ or ‘HRAD’.
The rates stated are for Stamp Duty Land Tax that is payable from 31 October 2024.
Standard Rate | First-time buyer rate | Additional property rate | |
---|---|---|---|
£0 - £250,000 | 0% | 0% | 5% |
£250,001 - £425,000 | 5% | 0% | 10% |
£425,001 - £625,000 | 5% | 5% | 10% |
£625,001 - £925,000 | 5% | N/A | 10% |
£925,001 - £1,500,000 | 10% | N/A | 15% |
Over £1,500,000 | 12% | N/A | 17% |
Standard rate example
If you have sold your existing home and bought a new property for £500,000 (and you do not own any other properties) you would pay Stamp Duty of £12,500.
Standard rate | Amount | Stamp duty | |
---|---|---|---|
£0 - £250,000 | 0% | £250,000 | £0 |
£205,001 - £500,000 | 5% | £250,000 | £12,500 |
TOTAL | £500,000 | £12,500 |
First-time buyer example
If you are a first-time buyer who is buying a property for £500,000 you would pay Stamp Duty of £3,750.
First time buyer rate | Amount | Stamp duty | |
---|---|---|---|
£0 - £250,000 | 0% | £250,000 | £0 |
£250,001 - £425,000 | 0% | £175,000 | £0 |
£425,001 - £500,000 | 5% | £75,000 | £3,750 |
TOTAL | £500,000 | £3,750 |
Second homeowner example
If you're buying an additional property, including buy-to-let and holiday homes, you'll have to pay additional Stamp Duty. If the purchase price of the new property is £500,000 you would pay Stamp Duty of £37,500.
Additional property rate | Amount | Stamp Duty | |
---|---|---|---|
TOTAL | £500,000 | £37,500 | |
£0 - £250,000 | 5% | £250,000 | £12,500 |
£250,001 - £500,000 | 10% | £250,000 | £25,000 |