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.