Stamp duty: What is it and how much is it?
Summary
Stamp duty is a tax that home buyers need to pay when purchasing property in England, Northern Ireland, Scotland, and Wales. The tax rates vary based on the property's price, whether it's for living in or if it's an investment, and if the buyer already owns other properties. Governments in these regions collect significant revenue from stamp duty or similar taxes.Key Facts
- Stamp duty is a tax paid by buyers of property or land in England, Northern Ireland, Scotland, and Wales.
- The tax amount depends on the property's price and the buyer's property ownership status.
- In England and Northern Ireland, the basic rate starts at 2% for properties above £125,000, with higher rates for more expensive homes.
- First-time buyers in England and Northern Ireland have a 0% rate on homes up to £300,000.
- Scotland and Wales have similar but different graduated tax systems, known as LBTT and LTT, respectively.
- Buyers of additional properties pay higher stamp duty rates.
- Stamp duty brought in £11.6 billion in the 2023-24 financial year in England and Northern Ireland.
- The deadline to pay this tax is 14 days in England and Northern Ireland, and 30 days in Scotland and Wales.
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