Use our handy tool to work out how stamp duty is calculated
Stamp Duty is the tax (SDLT), charged by the government, which you pay on completion of the purchase of your new home. It’s important to factor this cost in when purchasing a new home. To help you do the calculation we have created a handy tool to do the hard work for you.
How it works:
Much like income tax rather than paying a fixed percentage dependent on the total sale price of the property, the percentage of stamp duty will only be applied on the portion of the property price in specific brackets.
If you are buying a second home or a buy to let property there is an additional 3% charge on each bracket. Don't forget you can offset the additional 3% charge against Capital Gains Tax liability when you sell. To learn more, ask our Sales Advisors to put you in touch with an Independent Financial Advisor.
How it works - first-time buyers:
If you are a first- time buyer purchasing a property up to £300,000 you are not required to pay Stamp Duty, saving you up to £5,000. If you are a first-time buyer purchasing a property up to £500,000, you can still benefit as you won't pay Stamp Duty on the first £300,000. If you are purchasing a property over £500,000, you follow the rules for people who have bought a home before.
Calculate the stamp duty to find out how much you will spend.
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So whether you're looking to buy your first house, or you have a question about your new Crest Nicholson home, contact us today.Find a local Sales Adviser