Changes to Stamp duty
For those looking to get onto the property ladder or have been unsure whether now is the right time to move home, the government’s mini-budget announcement 23 September 2022 would have been welcome news. The changes, that came into effect, will drastically reduce the amount of tax you pay to purchase your new home.
The new Stamp Duty rates as of 23 September 2022 are:
- 0%: £0 - £250,000 (£425,000 for first time buyers)
- 5%: £250,000 - £925,000
- 10%: £925,000 - £1,500,000
- 12%: £1,500,000+
If you have any questions over how much stamp duty you are required to pay, our sales advisors are happy to discuss this with you.
Frequently asked questions
What is stamp duty?
Stamp duty is the tax that the Government charge on buying a new home in England and Northern Ireland and is paid on completion of your purchase.
How much stamp duty will I pay?
For purchases from £250,001 to £925,000 you’ll pay 5% stamp duty on the amount over £250,000 (£425,000 if you're a first time buyer), and for homes from £925,001 to £1.5 million, you’ll pay 10% on the amount over £925,001.
What do I pay if I’m an investor or buying a second home?
You’ll usually have to pay 3% on top of stamp duty rates if buying a new residential property means you’ll own more than one.
