Last Updated: 09-06-2021
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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.
John Yerou is a pioneer of contractor mortgages and owner and founder of Freelancer Financials, Contractor Mortgages®, C&F Mortgages and Self Employed Mortgages, trading styles and brands of the award-winning Mortgage Quest Ltd.
Posted by John Yerou
on July 8th, 2015 10:08am in