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Stamp duty consideration for buying freehold residential property.   

Residential/Buy To let or Second Home

Stamp Duty Land Tax (SDLT) Rates

Stamp Duty is applicable in England & Northern Ireland.

Scotland imposes a Land and Buildings Transactions Tax (LBTT) - scroll down for further information.

WalesLand Transaction Tax (LTT) now replaces UK Stamp Duty Land Tax (SDLT) in Wales - scroll down for further information.

The following information is to be used as a guide only.

England & Northern Ireland

Stamp duty on residential property is calculated on a progressive sliding scale, with the tax being determined by reference to the SDLT rate for each relevant band - or "slice" - of chargeable consideration:

Property price    SDLT Rate
Up to £125,000   0%
£125,000.01 - £250,000 2%
£250,000.01 - £925,000 5%
£925,000.01 - £1,500,000 10%
£1,500,000.01+ 12%

         
Example:

          On a property priced at £200,000, stamp duty would be payable on:

          2% of £75,000 (the amount above £125,000) = £1,500
          Total: £1,500

3% SDLT Surcharge on Buy to Let and Second Home Purchases

With effect from 1st April 2016, a surcharge of 3% of the total purchase price will apply on purchases of additional residential properties, such as buy to let properties and second homes.

          Example:

          On a buy to let (or second home) property priced at £200,000 stamp duty would be payable on:

          £75,000 (the amount above £125,000) = £1,500
          Plus 3% of £200,000 = £6,000
          Total = £7,500

 Stamp Duty relief for first-time buyers

With immediate effect, first-time time buyers will pay no stamp duty on properties costing up to £300k. Discounts are applied on properties costing over £300k up to £500k. Should a property cost more than £500k, the entire discount is lost.

 

Scotland

Land & Buildings Transaction Tax (LBTT) Rates

Applicable in Scotland since it replaced the UK stamp duty on 1st April 2015.

LBTT is a tax applied to residential and commercial land and buildings transactions (including commercial purchases and commercial leases) where a chargeable interest is acquired.

The structure of LBTT is designed so that the charge is more proportionate to the actual price of the property. Like Stamp Duty, the percentage rate for each band in LBTT is applied only to the part of the price over the relevant threshold and up to the next threshold.

For residential transactions the rates are:

Purchase price  LBTT Rate
Up to £145k 0%
Above £145k to £250k 2%
Above £250k to £325k 5%
Above £325k to £750k 10%
Over £750k 12%

 

For non-residential transactions the rates are:

Purchase price  LBTT Rate
Up to £150k   0%
Above £150k to £350k 3%
Above £350k 4.5%

 

Relief for first time buyers

The zero tax threshold for first-time buyers is £175,000. First-time buyers buying a property above £175,000 will also benefit from the relief on the portion of the price below the threshold. This means all first-time buyers will benefit from the relief by up to £600.

 

4% Additional Dwelling Surcharge (ADS) on Buy to Let and Second Home Purchases

From 25 January 2019 an ADS of 4% of the "relevant consideration" (usually the purchase price), will apply to properties of £40,000 or more.

The ADS rate for transactions prior to 25 January 2019 was 3% of the ‘relevant consideration’ (usually the purchase price).

Transitional Provision: Where the effective date of a land transaction is on or after 25 January 2019 and the contract for the land transaction was entered into prior to 12 December 2018, the tax rate of 3% for ADS that was in force prior to 25 January 2019 will apply.

 

Wales 

Land Transaction Tax (LTT)

Introduced in April 2018. Land Transaction Tax applies in Wales.

For residential transactions:

Property Price  LTT RATE
Up to £180,000 0%
£180,001 to £250,000 3.5%
£250,001 to £400,000 5%
£400,001 to £750,000 7.5%
£750,001 to£1,500,000 10%
£1,500,001+ 12%

 

For non-residential transactions:

Property Price LTT Rate
Up to £150,000 0%
£150,001 to £250,000 1%
£250,001 to £1,000,000 5%
£1,000,000+ 6%

In a similar way England, Northern Ireland and Scotland there is a higher residential tax rate in this case of 3%  in addition to the LTT rate for purchasing second homes and buy to let properties.

 

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