Buying a property is an expensive business. There are many costs to consider, legal, mortgage and survey to name a few, but the expense of Stamp Duty Land Tax (SDLT), commonly referred to as "Stamp Duty", is often underestimated. Stamp Duty is applied when purchasing residential property in England, Wales and Northern Ireland. The rates are higher for anyone purchasing an additional property. Below is a table of the current rates of Stamp Duty, or please feel free to use our automatic calculator adjacent.
|Band||Normal Rate||Additional Property|
|* For additional property/buy to let/second home the first £40k will attract 0% tax.|
|Up to £125k||0%||3%*|
|£125,001k to £250k||2%||5%|
|£250,001k to £925k||5%||8%|
|£925,001k to £1.5m||10%||13%|
|* For a single property purchase/FTB no tax will be paid on the first £125,000.|
Tate Partnership are members of the Property Ombudsman (TPO) redress scheme and subscribe to the Code of Practice for Selling Agents.