How much tax will you have to pay when buying a property in the UK?
How is Stamp Duty calculated?
Since 4th December 2014, you will only pay the rate of tax on the part of the property price within each tax band. (This is similar to how income tax is calculated)
|Up to £125,000||0%|
|Above £125,000 and up to £250,000||2%|
|Above £250,000 and up to £925,000||5%|
|Above £925,000 and up to £1,500,000||10%|
From the 1st April 2016 anyone purchasing an additional home or a buy to let property will have to pay an extra 3% on top of each stamp duty band.