How much stamp duty would you pay on a £275,000 house? (Updated November 2024)
It can be quite complicated to work out the amount of stamp duty payable when you buy a house as you have to calculate it in tranches. So we are here to take the hassle out of it and let you know the amount that you will have to pay when you complete on your house purchase.
Stamp duty needs to be paid on residential property purchases within 14 days of completion so you will need to have this money available when the transaction takes place. Often the solicitor that is doing the conveyancing will pay the stamp duty to HMRC on your behalf once they have received the funds.
So the amount that is due on a £275,000 house depends on whether it is your first/main property purchase or whether it is a subsequent property (in which case there is an extra amount due).
If it is your first or main property then the amount of stamp duty payable is £1,250.
If it is a second (or subsequent) property then you will need to pay 5% extra on top, giving a total of £15,000, a substantial difference.
You will need to clarify with your solicitor whether or not the higher stamp duty amount is payable if you are in any doubt.
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.