How Much Stamp Duty Do I Need to Pay?
What percentage is stamp duty tax for buy to live properties vs buy to let? And how much is the stamp duty tax for first-time buyers?
This section offers information on how to calculate stamp duty for investment property and residential homes with our helpful stamp duty calculator 2023.
How to Calculate Stamp Duty
Stamp Duty can be calculated in two ways. You can either use a stamp duty calculator like the one below or follow a stamp duty formula and check a stamp duty table to calculate the costs yourself.
If you’re interested in using a stamp duty calculator to calculate your stamp duty fees quickly, the below buy to live and buy to let stamp duty calculators can help you calculate stamp duty more easily and accurately.
Simply enter the value of the property you’re looking to buy, and select the type of purchase you’re making. This way, you can get a quick and simple answer to ‘how much is stamp duty in the UK?’ with our stamp duty calculator for buy to let and residential purchases.
All you need to do is enter your property price, and we’ll generate your stamp duty prices for you!
How to Work Out Stamp Duty
If you’re asking what are the stamp duty thresholds in England and Northern Ireland, Wales, and Scotland, and wondering how much stamp duty do I need to pay as a buy to let investor, this section will help you.
As mentioned above, stamp duty rates differ across different parts of the UK and they are indeed referred to in different terms as well. Therefore, the residential and buy to let stamp duty calculator for say England and Wales will give you different tax rates and so it’s important to know which rates apply to you.
Keep reading for information on the different thresholds for stamp duty in the UK, with helpful tables displaying current stamp duty rates.
Alternatively, if you’re looking for a quick answer to how much tax you are liable to pay on investment property, take a look at our buy to let stamp duty calculator.
What Is the Stamp Duty Threshold 2023?
Across the UK, the threshold for paying stamp duty on investment property purchases or buy to live second home purchases differs.
For buy to live properties in England and Northern Ireland, the threshold for paying stamp duty is £250,000 for non-first-time buyers, after which amount buyers will be required to pay a stamp duty fee of at least 3%.
However, for first-time buyers, stamp duty does not have to be paid on purchases below £425,000 with a discounted rate of 5% on the portion £425,001 to £625,000.
For buy to let, the exemption threshold is £40,000, with the percentage of stamp duty owed increasing in conjunction with the property’s value.
Stamp duty for investment property or an additional residence is payable once its value hits or exceeds the £250,000 mark, beginning at a rate of 3% and extending to a rate of 15% for properties with a value of over £1.5 million.