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Understanding stamp duty
Stamp Duty Land Tax (SDLT) is a tax you might pay if you’re buying a house in England and Northern Ireland. Learn more about stamp duty and the first-time buyers’ relief.
What is stamp duty?
If you’re buying a residential property, you may have to pay a government tax called stamp duty. It’s calculated on the price of the home you’re buying. There are exceptions if you’re a first-time buyer though.
If you buy a property in Wales, you’ll have to pay Land Transaction Tax (LTT).
In Scotland, it is called Land and Buildings Transaction Tax (LBTT).
What does stamp duty cost?
The amount you pay depends on the price of the property you buy.
It’s calculated on different bands of the house value. For example, if you bought a house valued at £350,000, you’d pay:
0% on the first £125,000
2% on the next £125,000
5% on the next £100,000
= £7,500 in total.
You can find more information on the government website to show you how the calculation works.
Who pays stamp duty?
If your new house or land costs over the current threshold, you’ll pay stamp duty.
How do you pay stamp duty?
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