#13. Thinking of buying a new home? Here’s what you need to know about Stamp Duty

Until 1st April 2025

First-Time Buyers:

• Property Value up to £425,000: No SDLT payable.
• Property Value £425,001 to £625,000: 5% SDLT on the portion above £425,000.
  • Example: For a £500,000 property:
    • 0% on the first £425,000 = £0
    • 5% on the remaining £75,000 = £3,750
    • Total SDLT: £3,750
• Property Value over £625,000: Standard SDLT rates apply without first-time buyer relief.

Other Buyers:

• Property Value up to £250,000: No SDLT payable.
• Property Value £250,001 to £925,000: 5% SDLT on the portion above £250,000.
  • Example: For a £500,000 property:
    • 0% on the first £250,000 = £0
    • 5% on the remaining £250,000 = £12,500
    • Total SDLT: £12,500
• Property Value £925,001 to £1.5 million: 10% SDLT on the portion above £925,000.
• Property Value over £1.5 million: 12% SDLT on the portion above £1.5 million.

From 1st April 2025 Onwards

First-Time Buyers:

• Property Value up to £300,000: No SDLT payable.
• Property Value £300,001 to £500,000: 5% SDLT on the portion above £300,000.
  • Example: For a £400,000 property:
    • 0% on the first £300,000 = £0
    • 5% on the remaining £100,000 = £5,000
    • Total SDLT: £5,000
• Property Value over £500,000: Standard SDLT rates apply without first-time buyer relief.

Other Buyers:

• Property Value up to £125,000: No SDLT payable.
• Property Value £125,001 to £250,000: 2% SDLT on the portion above £125,000.
  • Example: For a £200,000 property:
    • 0% on the first £125,000 = £0
    • 2% on the remaining £75,000 = £1,500
    • Total SDLT: £1,500
• Property Value £250,001 to £925,000: 5% SDLT on the portion above £250,000.
• Property Value £925,001 to £1.5 million: 10% SDLT on the portion above £925,000.
• Property Value over £1.5 million: 12% SDLT on the portion above £1.5 million.

Note: These rates apply to single property purchases. Additional rates may apply for second homes or investment properties. For detailed calculations, you can use this calculator: https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#!/intro

🏡 For tailored tax advice on Stamp Duty, it’s best to speak with your accountant. For mortgage advice, I’m here to help—call 07919533850 or visit Viking Mortgages today! 📩

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