How Much Stamp Duty Will I Pay?
With the excitement of buying a new home, it can be easy to overlook some of the big payments you may have to make as part of the process.
Here we help explain how you can calculate the Stamp Duty you might have to pay when you move home.
Stamp Duty is a tax that may be payable when buying your home, in England and Northern Ireland (as of March 2022), any property over £125,000 is subject to a tax. In Scotland, there’s a slightly different policy, but the concept is the same – it’s known as Land and Buildings Transaction Tax, or Land Transaction Tax in Wales.
There’s an easy way to find out how much tax you might have to pay on your property sale – simply take a look at these Government calculators for your respective country of residence.
- England & Northern Ireland: https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro
- Wales: https://gov.wales/land-transaction-tax-calculator
- Scotland: https://revenue.scot/calculate-tax/calculate-property-transactions
(These links are correct as of March 2022. Please visit the official government sites for up to date information).
We advise on a wide range of topics when helping you move home, so speak to us to get a clearer picture. Book an appointment today.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
There may be a fee for mortgage advice.