I am often asked about Stamp Duty costs but I struggle to give an on the spot precise answer. Yes I am not the best at on the spot calculations but the main reason I struggle is because Stamp Duty just isn't a simple calculation anymore. The best answer I can give people, is to use the Government website as they have a very useful Stamp Duty Calculator - www.tax.service.gov.uk/calculate-stamp-duty-land-tax
In a nutshell the standard rates of Stamp Duty - or rather SDLT (Stamp Duty Land Tax) are:
Up to £125,000 Zero
The next £125,000 (the portion from £125,001 to £250,000) 2%
The next £675,000 (the portion from £250,001 to £925,000) 5%
The next £575,000 (the portion from £925,001 to £1.5 million) 10%
The remaining amount (the portion above £1.5 million) 12%
But, this is where it gets complicated, as your personal circumstances will determine whether additional costs or exemptions will apply.
First Time Buyers, as of November 2017, are now EXEMPT provided they are buying a property under £300,000.
If they are buying under £500,000 they will pay 5% on the portion from £300,001 to £500,000.
Second Home Owners will generally have to pay an additional 3%, however, you may qualify for a refund if you are buying a new main home and then sell your previous main home within 3 years. Rates on additional property purchases are:
Up to £125,000 3%
Over £125,000 to £250,000 5%
Over £250,000 to £925,000 8%
Over £925,000 to £1.5 million 13%
Over £1.5 million 15%
This is a basic overview, but please do visit the Government website for full details and further explanations.