How much Stamp Duty will I have to pay now?

The Stamp Duty Holiday first introduced during the peak of the pandemic, saved thousands of pounds for home buyers, However, from 1 October 2021, home buyers will now have to pay a tax on purchases above £125,000.

The Government announced a tax holiday in July last year, helping buyers get on to the property ladder during the coronavirus pandemic. Homebuyers could save up to £15,000 in tax liability on properties valued up to £500,000 until 31 March this year.

The holiday was extended to 30 June, this time with 0% on properties valued up to £250,000 until 30 September.

As of 1 October, Stamp Duty has returned to normal, meaning that you will begin paying Stamp Duty on properties valued £125,001 and above.

Here is what you will pay:

£0 – £125,000 = 0%

£125,001 – £250,000 = 2%

£250,001 – £925,000 = 5%

£925,001 – £1,500,000 = 10%

£1,500,001+ = 12%

Find out exactly how much Stamp Duty you will pay on the Government’s Stamp Duty Land Tax (SDLT) Calculator.

First-time buyers don’t have to pay any Stamp Duty on house purchases up to £300,000.

It’s fair to say that the Stamp Duty Holiday stimulated the housing market, where house prices have risen 8%, according to the ONS. You can read further on this in our previous article, House Prices Boom with the Extension of the Stamp Duty.

You can receive an up-to-date conveyancing quote from our online calculator, in line with the current stamp duty calculations. Get your instant conveyancing quote here or call us on 023 8023 4433 if you have any further questions.

Disclaimer: Information on this webpage is not intended for legal purposes or advice. If you require legal advice or services, you should seek a professional legal practitioner.