If you want to get an idea of how much stamp duty that you will pay on the purchase of your residential property then you can use our UK stamp duty calculator below. Please note that, although all due diligence has been used to create this calculator, you should not rely on the figures from this calculator without verifying the amount payable through a solicitor or similar. The figures calculate the amount payable using the new tranches that were introduced in September 2022..
Calculating Stamp Duty
Calculating how much stamp duty is due on the purchase of a property has become slightly more complicated since the changes made in December 2014 so we have aimed to simplify the calculation by doing it for you! There are different rates varying from 0% to 12% for each tranche so you need to calculate them separately.
You can see the reasoning behind how much is payable on each tranche by checking out the relevant pages (but stay on this page further down for the actual calculation):
If the purchase price of your main residence (i.e. the property that you live in) is less than £250,000 (increased from £125,000 in September 2022) then there is no stamp duty payable. Once you go over £250,000 however, you only pay stamp duty on the amount over that value so there is not suddenly a big jump in stamp duty payable like there was in the previous stamp duty payment regime. For example, if the purchase price is £265,000 then you only pay 2% of £10,000, i.e. £200.
The percentage rates increase with the purchase price up to a maximum percentage of 12% which is payable on the portion of any purchase value over £1.5 million.
First time buyers who are purchasing a property up to the value of £300,000 will not need to pay any stamp duty.
When purchasing a second property you will need to use the second calculator further down the page that also includes the 5% premium payable on second property purchases that is applicable from 31st October 2024.
Temporary Reduction
Rishi Sunak announced a temporary reduction in stamp duty. Initially this meant that you would not have to pay stamp duty on the first £500,000 of a purchase, but this was reduced to half for sales completed after 30th June 2021 and before 30th September 2021. So sales up to £250k between those dates did not trigger a stamp duty payment. This reduction has now ended and rates have returned to normal.
Below is the standard stamp duty calculator for main residence purchases:
If you are buying a second property that is not replacing your own main residence then there will be an additional tax of 5% to pay on purchases over the value of £40,000.
Anything over £40,000 is charged stamp duty on the whole purchase price rather than the portion above £40,000 as with standard stamp duty.
Use the 2nd property stamp duty calculator below to work out how much is due according to the purchase price of the property.
We hope that you find these stamp duty calculators useful, please let us know if you have any feedback.