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Insights // 11 June 2021

Stamp Duty Calculator and Rates - A Summary

Partner Luke McMath, in our Residential Property team, explains how to calculate the Stamp Duty Land Tax (SDLT) that will be payable when completing your property purchase.

With the imminent end of the Government’s Stamp Duty ‘holiday’, below is a reminder of the Stamp Duty Land Tax (SDLT) rates that will apply following the full end of the scheme on 30 September 2021. The main benefit of the scheme ends on 30 June 2021.

In England Stamp Duty Land Tax is normally paid on bought land or property valued at £125,000 or more.

Stamp Duty rates are calculated on a ‘sliced’ basis, meaning that the rate increases for higher value properties as below and that multiple rates may be applicable for different proportions of a property’s value:

Portion of a property’s value

SDLT rate that applies to this portion

£125,001-£250,000

2%

£250,001-£925,000

5%

£925,001-£1.5 million

10%

-£1.5 million +

12%

For example, SDLT would be payable as follows for property values as shown.

Property purchase price

Normal Stamp Duty (SDLT) charge

Under £125,000

-

£250,000

£2,500.00

£350,000

£7,500

£450,000

£12,500

£500,000

£15,000

£600,000

£20,000

£750,000

£27,500

£1 million

£43,750

£2 million

£153,750

Surcharges can also apply. For a full and precise calculation on a property you are purchasing, please use HMRC’s Stamp Duty calculator.

The Stamp Duty’ Holiday

If you are completing on a purchase before 30 June 2021, you will benefit from the Government’s Stamp Duty ‘holiday, reducing the amount of SDLT payable. Thereafter, if you are completing on a purchase by 30 September 2021, you may still benefit from a smaller SDLT saving. During this three month period, the holiday will continue in part, with the SDLT threshold moving to £250,000 and providing buyers with a saving of up to £2,500.

Please see our earlier blog article ‘Stamp Duty “Holiday” Extended in Spring Budget’ for further information.

For further information or legal advice, please contact law@blandy.co.uk or call 0118 951 6800.

This article is intended for the use of clients and other interested parties. The information contained in it is believed to be correct at the date of publication, but it is necessarily of a brief and general nature and should not be relied upon as a substitute for specific professional advice.

Luke McMath

Luke McMath

Partner

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