Posted by John Yerou
on July 8th, 2015 10:08am in
Last Updated on September 11th, 2018 08:39am.
Estimated Reading Time: Less than a minute
Unless the home you’re buying is less than £125,000, you’ll need to pay Stamp Duty. Beyond that figure, you work out how much Stamp Duty Land Tax (to give it its full name) in increments.
This table represents the UK Government’s current scale of Stamp Duty implementation:
So, let’s say you buy your home for £415,000. This is what you’d pay:
- £0-£125,0000 @ 0% = £0;
- £125,001 to £250,000 @ 2% = £2,500;
- £250,001 to £415,000 (164,999) @ 5% = £8,250;
- so your total stamp duty would be (£0 + £2,500 + £8,250) = £10,750.
To work out how much you may have to pay (and save oodles of time), you can just use our Stamp Duty Calculator.
Author: John Yerou
John Yerou is the owner and founder of C&F Mortgages; a trading style & trade mark of the award winning Mortgage Quest Ltd. One of the most recognised names in providing mortgages for contractors and freelancers across the UK.
In 2004 John began his career in Financial Services as an independent mortgage adviser and broker. John has been instrumental in negotiating bespoke underwriting for contractors with high street lenders.
His presence in the industry as a go-to expert is growing by the day and he is regularly cited and writes in publications both locally and nationally.