As you probably know, stamp duty is payable when you buy a residential property in England and the amount payable depends on the purchase price of the house or property that you are buying.
In this series of articles we are addressing how much you will need to pay for a property worth a specific amount of money, in this case £220,000.
At the time of writing this article, property purchases above £125,000 were subject to stamp duty. As of September 2022, however, stamp duty is no longer payable on purchases under £250,000.
So there are 2 rates of stamp duty that may be payable – the first is the standard stamp duty that is payable on a main or only residence. This amount is also applicable if you are selling your main residence and moving into the property that you are buying (regardless of other properties that you may own).
Stamp duty rates are tiered but payable on the purchase price so we have made it easier for you to calculate the amount payable for different purchase prices by using the online calculator.
For a main or only property purchase the amount of stamp duty payable on a house worth £220,000 is now zero.
However, if the property that you are buying is a second property (even if that property is owned abroad) then you will have to pay an extra 3% of the purchase price.
This means that the amount payable for a second property is £6,600 which is obviously a significant amount greater that that for a main property.
If you are in any doubt about which rate of stamp duty is payable on your purchase then you should contact your solicitor who should be able to advise you or get clarification from HMRC.
Other Factors
If you are a first time buyer then you may be entitled to a reduced (or zero) rate of stamp duty on your property purchase – you can find details of that here.