Stamp duty calculator

June 14th, 2022
For Example,

The property purchase price is £500,000

Scenario 1Scenario 2Scenario 3

If you are a first-time buyer then,

For £0 – £300,000 band tax rate is 0%

For £300,000 – £500,000 band tax rate 5% and the amount is £10,000

So effective stamp duty you will pay would be £10,000 at 2%.

If you are buying your next home,

For £0 – £125,000 band tax rate is 0%

For £125,000 – £250,000 band tax rate 2% and the amount is £2,500

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

So effective stamp duty you will pay would be £15,000 at 3%.

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, stamp duty is not paid on properties purchased for less than £125,000. First-time buyers making a purchase for less than £300,000 are also exempt. Stamp duty is calculated based on bands determined by the government. Currently, those who purchase a property between £125,000 and £250,000 pay stamp duty at a rate of 2%. For properties valued between £250,001 and £925,000 it is 5% and for properties worth £925,001 to £1.5 million it is 10%. Stamp duty rates are the same across the country so you can use our stamp duty calculator in London, Leeds or Leicester – wherever you are. For example, if you are buying a £750,000 property in London stamp duty calculator can quickly work out that you will pay £27,500 in SDLT.

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.

References

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