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STAMP DUTY CALCULATOR

What is Stamp Duty?

Stamp Duty or Stamp Duty Land Tax (SDLT) refers to the tax for buying a new property in England, Wales and Northern Ireland.

So for any new properties that you buy freehold, leasehold or through shared ownership, you are required to pay the stamp duty in one lump sum to the HMRC within 30 days of completion.

How Much Stamp Duty Will I Pay On My Property?

The amount you pay in stamp duty increases steadily with the value of the property into different tax brackets. The rates are set and updated by the Government and the idea is that the greater the value of your property, the more stamp duty you will pay.

Currently in the UK, any properties purchased for less than £125,000 do not require any stamp duty payment.

For properties bought for between £125,000 and £250,000, you will be charged a fee of 2% of the property’s value.

For estates worth £250,000 to £925,000, there is a stamp duty of 5%.

For property worth £925,000 to £1.5 million, there is a stamp duty of 10%.

For any properties worth over £1.5 million, the stamp duty is 12%.

To see how the rates have changed over the years, you can find more information on the Government’s website.

How does Stamp Duty work in Scotland?

There are different Stamp Duty laws in Scotland following a reform in April 2015 which renamed it to the ‘Land and Buildings Transaction Tax.’

The format of the tax is very similar to the UK system in the way that the tax increases gradually for more valuable properties. The only difference is that the thresholds are considerably lower.

If the purchase price is less than £145,000, no lump sum tax is applicable. For property worth £145,000 to £250,000, there is a 2% tax.
For property worth £250,000 to £325,000, there is a 5% tax.
For property worth £325,000 to £750,000, there is a 10% tax.
Any properties worth over £750,000 are subject to a 12% tax.

The Benefits of Using a Stamp Duty Calculator

By using the calculator on our website, you can type in the value of the property you are looking to buy and find out how much stamp duty you are required to pay. Our calculator has been adjusted for the different tax brackets and is up-to- date with current rates so that you can get the exact figure.

Stamp duty is a cost that is rarely considered by potential buyers because it is not included in the price of the property advertised by estate agents in shop windows or newspapers. This tax can be quite crucial when assessing how much can you afford and need to save – so using our calculator lets you get control of your finances.

One you have filled in the value of your desired property, you will be given an instant result. Then, you can enter a few basic details including your mortgage purpose, amount you wish to borrow and contact details and then one of our partners will get in touch to help find the best mortgage deal for you.

With so many different mortgage products and rates out there, it is always hard to find the best deal. We are pleased to have partnered with leading mortgage advisors and companies in the UK to offer the most competitive rates. Our service is completely free to use so simply fill in your details and a mortgage advisor will be in touch with you shortly.

How do I pay Stamp Duty?

To make a payment, you must send an SDLT return to the HMRC within 30 days of completing your property. This transaction is very important and is usually handled by your lawyer who will prioritise this and typically request repayment even before you have completed on the property so that you don’t forget.

Failing to pay your stamp duty within 30 days will incur fines of up to £300.

Even if your property is valued under £150,000, you must still send an SDLT return to

Adding Stamp Duty to your mortgage

If you cannot afford to make the stamp duty payment up front, it is possible to add the stamp duty onto your mortgage payment. However, this is not advisable, as a standard mortgage term is 25 year and the stamp duty will accumulate in interest for a very long period of time and could be very costly. To give an example, a £5,000 stamp duty could cost as much as £8,500 after a 25 year loan term.

Furthermore, by adding the stamp duty to your mortgage, you are technically borrowing more so this will change your loan-to-value. The higher your loan-to- value, the higher the interest rate – so this could potentially increase the cost of your mortgage loan.

In short, it is better to try pay off the stamp duty as soon as you purchase the property so you can always look at borrowing money from family and friends or getting a short term loan.

Things You Should Know

If you have been transferred property or land, you will still be required to pay stamp duty including forests or agricultural land.

Also, non-residential property such as shops, offices or a block of flats will also be eligible for taxation.

Stamp duty is one of the added mortgage fees that buyers rarely consider. Other additional fees to be aware of include the legal fees for a lawyer processing your mortgage, the booking fees for securing your mortgage and the arrangement fees for the mortgage provider.

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