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 Executives to suggest an Independent Financial Advisor.