Good to know

If you’re looking to make a move to a new property while maintaining ownership of your existing property, then you should be keeping an eye on those residential stamp duty rates.

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Of course, rates differ depending on whether you are buying in England & Northern Ireland, Wales, or Scotland.

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Although they have slightly different names – such as the Land and Buildings Transaction Tax in Scotland and Land Transaction Tax in Wales (for sales made after 1st April 2018) – both work similarly to SDLT.

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HMRC has recently updated its conditions on the standard stamp duty rate, so if you are a non-UK resident, you will also have to pay a further 2% surcharge. This came into effect on the 1st of April 2021.

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Currently, the rates of stamp duty in England and Northern Ireland are:

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Purchase price of up to £250,000

Stamp duty rate 0%

Additional properties 3%

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Purchase price of  £250,001 to £925,000

Stamp duty rate 5%

Additional properties 8%

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Purchase price of £925,001 to £1.5 million

Stamp duty rate 10%

Additional properties 13%

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Purchase price of Over £1.5 million

Stamp duty rate 12%

Additional properties 15%

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Each ‘threshold’ is determined by the price of the property you’re aiming to buy.

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So if your property falls under the designated amount, then you won’t have to pay the standard stamp duty rate – with the current SDLT rate for residential properties starting at £250,000.

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The threshold for non-residential land and properties is £150,000.

 

If you’re looking to see if you overpaid with an additional stamp duty rate on a second property purchase, you’ll need to remember that thresholds and rates were different before 23rd September 2022.

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