Working out the stamp duty payable
Calculating how much stamp duty is payable on a property purchase has become a bit more complicated in recent years after the introduction of tiered rates of payment depending on the property price. Although this has stopped there being sudden jumps in stamp duty payable depending on the house price, which is a good thing, it has made things less simple!
Stamp Duty on £600k
So if you are wondering how much stamp duty is payable on a £600,000 property purchase then that is what we are here for!
If the property is your main residence or a first property purchase then the amount of stamp duty payable amounts to £17,500 (updated September 2022)
If the purchase is for a second (or subsequent) property then you may be subject to the increased rate of stamp duty which is an extra 3% on the total purchase price, thus increasing it to £35,500.
Obviously you will need to check with your solicitor who will know your individual circumstances and can advise you whether the higher rate of stamp duty is due or not.
When to pay it
Stamp duty needs to be paid within 14 days of the completion of the property purchase and you will need to pay effectively by cash (only corporate credit cards can be used) so you will need to have the money to hand after completion.
You can check out exactly how much stamp duty you need to pay for transactions of different values by using our stamp duty calculator. You can get the figure for both a main residence purchase and a second property purchase.