How much tax will you have to pay when buying a property in the UK?
Property is a buy to let or second homeBased on a property / land value of , there will be Stamp Duty due.
| Band | Rate | Due |
|---|---|---|
| Up to £125,000 | 0% | £0 |
| Above £125,000 to £250,000 | 2% | |
| Above £250,000 to £925,000 | 5% | |
| Above £925,000 to £1,500,000 | 10% | |
| Above £1,500,000 | 12% | |
| Total | {{model.effective}}% | Stamp Duty due |
*Properties under £40,000 are not subject to second home SDLT
*Updated March 16th 2016
What is Stamp Duty and how is it calculated?
'Stamp Duty Land Tax' (SDLT) is a tax due when buying property and land in England, Northern Ireland and Wales if the property is over £125,000 (separate Land and Buildings Transaction Tax in Scotland). This tax is also applicable to overseas buyers.
Since 4th December 2014, you only pay the rate of tax on the part of the property price within each tax band.
From April 2016, an additional 3% stamp duty must be paid on second homes and buy-to-let properties.
Price brackets for taxation are outlined below:
| Brackets | Standard rate | Buy-to-let/second home rate |
|---|---|---|
| Up to £125,000 | 0% | 3% |
| £125,001 - £250,000 | 2% | 5% |
| £250,001 - £925,000 | 5% | 8% |
| £925,001 - £1.5m | 10% | 13% |
| over £1.5m | 12% | 15% |
INSTANT VALUATION
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