Stamp duty calculator

June 15th, 2022
Stamp duty calculator

On 23rd September 2022 UK Prime Minister Liz Truss raised the threshold for Stamp Duty meaning that tax you pay on buying your permanent residence has gone down leaving more money in your pocket to enjoy the property. These rates only apply to England and Northern Ireland as Scotland and Wales do not charge stamp duty but instead pay pay Land and Buildings Transaction Tax and pay Land Transaction Tax respectively.

See below how much you pay under the new scheme.


For Example,

The property purchase price is £500,000

Scenario 1 Scenario 2 Scenario 3

If you are a first-time buyer then,

For £0 – £450,000 band tax rate is 0%

For £450,000 – £500,000 band tax rate 5% and the amount is £2,500

So effective stamp duty you will pay would be £2,500 at 0.5%.

Saving – £7,500

If you are buying your next home then;

For £0 – £250,000 band tax rate is 0%

For £250,000 – £925,000 band tax rate 5% and the amount is £12,500

So effective stamp duty you will pay would be £12,500 at 2.5%.

Saving – £2,500

There is no change if you are buying an additional home and not selling your previous main residence so;

For £0 – £125,000 band tax rate is 3% and the amount is £3,750

For £125,000 – £250,000 band tax rate 5% and the amount is £6,250

For £250,000 – £925,000 band tax rate 8% and the amount is £20,000

So effective stamp duty you will pay would be £30,000 at 6%.

When you’re buying a new property, always keep stamp duty in mind. Stamp duty is a tax paid to the government on freehold property purchases and it can add a substantial sum to your house purchase price. Having a quick and easy way to work out how much stamp duty you will pay is essential during your property search. That’s where Free Price Compare’s free stamp duty calculator in the UK comes in. This online tool can quickly and easily calculate your stamp duty bill for you. Simply enter the property price, indicate whether it’s a buy-to-let, second home or you’re a first time buyer and we’ll do the rest. You’ll get a calculation in just seconds.

How is stamp duty calculated?

At the time of writing with the new stamp duty changes on 23rd September 2022 stamp duty is not paid on properties purchased for less than £250,000. First-time buyers making a purchase for less than £450,000 are also exempt. Stamp duty is calculated based on bands determined by the government. Currently, those who purchase a property between £250,001 and £925,000 it is 5% and for properties purchased over £925,001 to £1.5 million it is 10%. Stamp duty rates are applicable across the whole of England and Northern Ireland so you can use our stamp duty calculator in London, Leeds or Leicester – wherever you are. For example, if you are buying a £500,000 property in London stamp duty calculator can quickly work out that you will pay £12,500 in SDLT.

The rates for stamp duty in England and Northern Ireland are;

Property Value Standard Residential Rates
£0 – £250,000 0%
£250,000 – £925,000 5%
£925,000 – £1,500,000 10%
£1,500,000+ 12%
Property Value First Time Buyer Residential Rates
£0 – £450,000 0%
£450,000 – £925,000 5%
£925,000 – £1,500,000 10%
£1,500,000+ 12%

What happens if I don’t pay my stamp duty bill?

Stamp duty should be paid within 14 days of the completion of your property purchase. Failure to do this results in penalties, as well as daily interest until the amount is paid. The amount of interest will depend on how late your payment is and how much SDLT you owe [1].

Don’t get caught out. Use Free Price Compare’s UK stamp duty calculator today.


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