How Much Stamp Duty is There to Pay on a £230,000 Property?
Stamp duty is payable in the UK on most property purchases, particularly residential property purchases above the value of £250,000 (figures updated September 2022).
The amount that you have to pay depends on the purchase price of the house/property and is calculated as a percentage of the price paid.
For a property purchase where the value of the property is £250,000 there is now no longer any stamp duty to pay after the stamp duty cut in the ‘mini-budget’ that happened in September 2022. So in this case, if you are buying a property to live in and it is your only property, then you won’t need to pay anything. The amount you need to pay changes depending on how much the property costs – you can find full details of the different tranches and what percentage rates are payable here.
The above figures assume that the property you are purchasing is your only/main property. If it is a second property (i.e. you own another property anywhere in the world) then you need to pay an additional amount. The additional amount is calculated as 3% of the total value so in this case would mean a payment of £6,900 is due.
Payment of the stamp duty needs to happen within 14 days of the completion of the purchase. This is usually done by the solicitor who is doing the conveyancing but the onus is on the buyer to ensure that it is done on time – otherwise they may be subject to a fine/interest on late payment as it is essentially a tax on the individual.
If you are in any doubt as to which rate of stamp duty you should pay then you should consult your solicitor for clarification.
You can check out how much stamp duty is payable for other purchase prices with our stamp duty calculator.
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.