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Stamp Duty Land Tax (SDLT) is a tax that you have to pay when you buy a house in England or Northern Ireland. If it is your first and primary home, you’re liable to pay on property that costs more than £250,000.
Stamp Duty tax rates
The rates that you pay depend on the price of the property that you’re buying. Take a look at the table below to see what you could owe if you’re looking to buy:
| Property Price | Stamp duty rate |
| Up to £250,000 | 0% |
| £250,001 – £925,000 | 5% |
| £925,001 – £1.5m | 10% |
| £1.5m+ | 12% |
First-time buyers
For first-time buyers, there is a tax relief when it comes to Stamp Duty. On properties worth up to £425,000, first-time buyers don’t have to pay any stamp duty. On properties worth up to £625,000, you don’t pay the tax on the first £425,000.
For properties worth more than £625,000, first-time buyers are, unfortunately, no longer eligible for the relief.
Frequently Asked Questions
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Do I have to pay Stamp Duty upfront if I’ve bought the property with a mortgage?
Whether you’re buying a property outright or you’re buying it with a mortgage agreement, you’ll be liable to pay stamp duty tax at the time of purchase.
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Can you help me to maintain my own accounting records?
Of course! We advise that you start a comprehensive spreadsheet to keep track of your taxable income and relevant expenses throughout the mortgage application process and purchase of your home. This can be done on an Excel spreadsheet or Google sheet to keep things simple! Contact our team for more advice today!
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