On the 4th December 2014 the rates of Stamp Duty Land Tax changed for the purchase of Residential Property. The rates are still dependant on the purchase price but are no longer a percentage of the purchase price nor do they jump up on a tiered system.
Stamp duty is now calculated in a similar way to income
Stamp Duty is charged at different rates depending on the portion of the purchase price that falls into each rate band.
Stamp duty is only charged on the portion of you property that is over £125,000.
|Purchase price of property||Rate of SDLT (percentage of portion of purchase price)|
|£0 – £125,000||0%|
|£125,001 – £250,000||2%|
|£250,001 – £925,000||5%|
|£925,001 – £1.5 million||10%|
|Over £1.5 million||– 12%|
Calculate your stamp duty http://www.stampdutycalculator.co