Wondering how much stamp duty you need to pay on a new home? Well, it depends on the value of the property. And with the current stamp duty holiday, there’s a good chance you won’t have to pay any at all. Here’s a simple guide.
When you buy a home in the UK, the government will charge a tax. In England and Northern Ireland this charge is called Stamp Duty Land Tax (SDLT).
The amount you pay is dependent on the value of the property you purchase and when you choose to buy it.
If your new home is worth more than £500,00, and you buy before 1st July 2021, you will only start to pay stamp duty on the amount that you pay for the property above £500,000.
These rates apply whether you are buying your first home or have owned property before.
Within 14 days of completion, you will need to send an SDLT return to HMRC and pay the tax within 14 days of completion.
Your solicitor will usually do this for you on the day of completion and add the amount to their fees.
Alternatively, you can file a return and pay the tax yourself.
You can learn more about the most recent Government guidance on Stamp Duty Land Tax here.
Read our buyer guide
The legal steps of buying a home
Learn more about the legal steps of buying a new home with our buyer guide.
Read our buyer guide
How to sell your property
Need some help selling your property? Read our guide here.
Read our buyer guide
The costs of moving home
Moving home can seem like a costly experience. Here's what you need to be aware of.
