Frequently Asked Questions about stamp duty
What is stamp duty?
Stamp duty is the shorthand reference for Stamp Duty Land Tax (SDLT) and is a form of tax that is paid when you purchase property or land above a certain price threshold in England or Northern Ireland. Remember that if you purchase land or property in Scotland or Wales, there are equivalents of this tax that will still need to be paid, so make sure you have budgeted for this accordingly.
What is stamp duty calculator?
Stamp duty calculator is a simple calculator to help you find out how much you need to pay for stamp duty.
What is Stamp Duty Holiday?
Stamp duty has been relaxed from 8th July 2020, initially due to end by 31st March 2021. However this has now extended to run until 30th September 2021. Until 30th June 20021, If you are a first time home buyer, there is nil stamp duty for houses upto £500,000. Investors or additional home buyer will pay 3% of the house price upto £500,000. The nil rate threshold will be reduced to £250,000 from 1st July, 2021 and return to usual threshold of £125,000 on 1st October. For more detail, visit the gov.uk website
How much will I save?
There could be significant savings if you complete your house purchase before 30th September 2021.
Example purchase of a £300,000 house calculations are below:
Until 30th June 2021: £9,000
(Potential saving: £5,000)
From 1st July until 30th September 2021: £11,500
(Potential saving: £2,500)
From 1st October 2021: £14,000