Rates of Stamp Duty Land Tax (SDLT)
Important information for first time buyers:
For first time buyers stamp duty has been abolished if the property you are buying is £425,000 or under. If the property price falls between £425,001 and £625,000 then a 5% tax charge will apply to that portion. If the property is bought for over £625,000, normal stamp duty rates will apply.
Stamp duty rates if you own only one property:
| Purchase Price of Property | Rates paid on the part of the property within each tax band |
| £0 - £250,000 | 0% |
| £250,001 - £925,000 | 5% |
| £925,001 - £1,500,000 | 10% |
| £1,500,001 and over | 12% |
From 1st April 2016, there are new rates of stamp duty land tax on second properties. The rates are as follows:
| Purchase Price of Property | Rates paid on the part of the property within each tax band |
| £0 - £125,000 | 3% |
| £125,001 - £250,000 |
5% |
| £250,001 - £925,000 | 8% |
| £925,001 - £1,500,000 | 13% |
| £1,500,001 and over | 15% |
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