As you are no doubt aware the calculation of Stamp Duty
payable was changed a couple of years ago by the then Chancellor. Most people had hoped that a lot of the
changes would be reversed but sadly that seems unlikely and the current rules
were bought in on 1st April 2016.
The current rules are:
A property costing
up to £125,000 – no SDLT payable
The portion of the
purchase price between £125,000 and £250,000 – 2% (up to £2500)
Plus the portion of
the purchase price between £250,000 and £925,000 – 5% (up to £33,750)
Plus the portion of
the purchase price between £925,000 and £1.5m – 10% (up to £57,500)
Plus the portion of
the purchase price between £250,000 and £925,000 – 5% (up to £36,250)
Plus the portion of
the purchase price over £1.5m – 12%
So buyers of a
property costing eg £375,000 would pay £8,750 (£0+£2,500+£6,250). You can find
an SDLT calculator at https://www.gov.uk/stamp-duty-land-tax/residential-property-rates
Sadly however, for Landlords the SDLT payable increases by a
further 3% for additional properties above their own residence.
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