How much is Stamp Duty?
You pay 0% for the first £125,000, 2% on the portion up to £250,000, 5% up to £925,000, 10% up to £1.5m and 12% on anything above that.
From 1 April 2016, Stamp Duty Land Tax will increase by 3% on top of current rates for purchases of additional residential properties, such as buy to let properties and second homes.
|Minimum property purchase price||Maximum property purchase price||Stamp Duty rate (only applies to that part of the property price that falls within each band)|
|Over £1.5 million||12%|
For example, if your new home costs £175,000 you’ll pay £1,000 (2% of the property value that falls within the relevant band)