Stamp Duty InforgraphicOne of the most frequent questioned we get asked is, “how much stamp duty will I pay”? Here we will explain stamp duty rates and how much you will pay depending on the value of the property you are buying.

Because stamp duty is tiered, you will pay a different stamp duty rate on different portions of the property value. When you buy a property you’re planning to live in (i.e. not a buy-to-let property or second/holiday home), you don’t pay any stamp duty on the first £125,000, but you will then pay 2% on the portion up to £250,000 and 5% on the portion up to £925,000.  Between that point and £1.5 million, it’s 10% – then 12% on anything over £1.5 million.

Take a look at this example to see how it works:

Property price: £275,000

Portion 1: £0 – £125,000 – 0% tax, so total paid for this chunk of the purchase price = £125,000

Portion 2: £125,000.01 – £250,000 – 2% tax (£2,500) + £125,000 = £127,500

Portion 3: £250,000.01 – £275,000 – 5% tax (£1,250) + £25,000 = £26,250

Total paid: £278,750 (£3,750 of which is stamp duty)

Find out more: to find out exactly how much stamp duty you’ll pay on the property you’re buying, click here for the stamp duty calculator.

From April 2016, anyone buying a second home or buy-to-let property, i.e. any property that won’t be your primary residence, will have to pay an extra 3% on each tier of stamp duty.

Our local offices are always on hand should you have questions on any aspect of the moving and property purchasing process. Please do not hesitate to contact your local office on the numbers below where our property experts are happy to help.

Ash Vale – (01252) 353030

Farnborough – (01252) 375999

Fleet – (01252) 812121

Hartley Wintney – (01252) 844015http://mackenziesmith.co.uk/selling/property-valuation-selling/

Hook – (01256) 764666

Lettings – (01252) 514000

Land – (01252) 762007