Stamp Duty for first time buyers:
From 23rd September 2022, first-time buyers will not pay Stamp Duty on the first £425,000 of any property. Tax bands for first-time buyers are as follows:
Property value |
SDLT rate |
Up to £425,000 |
Zero |
The next £500,000 (the value between £425,001 to £925,000) |
5% |
The next £575,000 (the value between £925,001 to £1.5 million) |
10% |
The remaining amount (the value above £1.5 million) |
12% |
Buyers moving to a new primary residence (not first time buyers):
The Stamp Duty bands for those replacing a primary residence from 23rd September 2022 are as follows:
Property value |
SDLT rate |
Up to £250,000 |
Zero |
The next £675,000 (the value between £250,001 to £925,000) |
5% |
The next £575,000 (the value between £925,001 to £1.5 million) |
10% |
The remaining amount (the value above £1.5 million) |
12% |
Stamp Duty for second-home buyers and buy-to-let landlords:
From 31st October 2024, the new rates for Stamp Duty are also applicable to second-home buyers and buy-to-let landlords. However, these groups will still have to pay the 5% additional homes levy that was introduced in April 2016. Second home and buy-to-let Stamp Duty rates are therefore as follows:
Property value |
SDLT rate |
Up to £250,000 |
5% |
The next £675,000 (the value between £250,001 to £925,000) |
10% |
The next £575,000 (the value between £925,001 to £1.5 million) |
15% |
The remaining amount (the value above £1.5 million) |
20% |
Stamp Duty for non-UK residents:
The amended rates for Stamp Duty are also applicable to people who are not resident in the UK. However, they will still have to pay the 2% non-UK resident surcharge that was introduced in April 2021. This means the current rates for this group are as follows:
Property value |
SDLT rate |
Up to £250,000 |
2% |
The next £675,000 (the value between £250,001 to £925,000) |
7% |
The next £575,000 (the value between £925,001 to £1.5 million) |
12% |
The remaining amount (the value above £1.5 million) |
14% |