Stamp Duty Land Tax 2024
Published / Last Updated on 06/04/2024
Stamp Duty 2024 - SDLT - Stamp Duty Land Tax known as Stamp Duty
Stamp Duty is usually to HMRC by your Solicitor on completion of the purchase and the amount due will depend upon the value of your property.
Before 04/12/2014 Stamp Duty Land Tax (not in Scotland) was charged at a single % rate on the full property price but after this date, tax is paid as a % of the purchase price in bands as follows (Note Scotland and Wales have their own rates).
** NOTE CORONAVIRUS STAMP DUTY HOLIDAY 0% to £500,000 on all purchases from 08/07/2020 until 30/06/2021 – and then was tapered until the end of September 2021 replacing the old 'first time buyer' 0% rate up to £250,000 **
Stamp Duty Tax Rates (England and Northern Ireland) 06/04/2024 to 05/04/2025
| Rates | Residential Property Value Tiers |
| 0.00 % | £0.00 to £250,000.00 |
| 0.00 % | £250,000.00 + to £250,000.00 |
| 5.00 % | £250,000.00 + to £925,000.00 |
| 10% | £925,000.00 + to £1,500,000.00 |
| 12% | £1,500,000.00 + |
| For example, your main residential property bought for £600,000 has SDLT payable at £500,000 X 0% plus £100,000 X 5% |
|
| Residential Property bought inside a corporate envelope e.g. Ltd Company | |
| taxed at above rates until value £500,000 then | |
| 15% | £500,000 + annual tax on enveloped dwellings (ATED) * |
| Non Resident Buyers | 2% surcharge on properties worth £40,000 or more. |
| Rates | Commercial Property |
| 0% | £0 to £150,000 |
| 2% | £150,001 to £250,000 |
| 5% | £250,000 + |
* Enveloped Dwellings Stamp Duty: Higher Rate of Stamp Duty payable if a residential property is bought by a 'none natural person' e.g. a corporate structure, a business, a partnership, a collective investment, a trust. The limit for the higher 15% rate stamp duty was £2,000,000+ properties but this was brought down to £500,000+ properties with effect 20 March 2014. There is also a yearly tax payable on see Annual Tax on Enveloped Dwellings (ATED).
Shared Ownership: stamp duty land tax is not due on shared equity scheme property until ownership reaches 80%.
Zero Carbon Flats: No stamp duty land tax is payable on zero carbon flats purchased up to £500,000.
Scotland Land & Buildings Transaction Tax
Scotland introduced a separate Land & Buildings Transaction Tax (LBTT) with effect from 01/04/2014.
Land & Buildings Transaction Tax Rates (Scotland) 06/04/2024 to 05/04/2025
| Rates | Residential Property Value Tiers |
| 0% | £0 to £145,000 |
| 2% | £145,001 to £250,000 NB: First Time Buyers 0% on 1st £175,000 |
| 5% | £250,001 to £325,000 |
| 10% | £325,001 to £750,000 |
| 12% | £750,000 + |
| Rates | Commercial Property Value Tiers |
| 0% | £0 to £150,000 |
| 1% | £150,001 to £250,000 |
| 5% | £250,000 + |
Wales Land Transaction Tax
Wales has its own separate Land Transaction Tax (LTT) from 01/04/2018.
Land Transaction Tax Rates (Wales) 06/04/2024 to 05/04/2025
| Rates | Residential Property Value Tiers |
| 0% | £0 to £180,000* |
| 3.5% | £180,001 to £250,000* *0% on slice up to £250,000 until 30/06/2021. |
| 5% | £250,001 to £400,000 |
| 7.5% | £400,001 to £750,000 |
| 10% | £750,001 to £1,500,000 |
| 12% | £1,500,000 + |
| Rates | Commercial Property Value Tiers |
| 0% | £0 to £225,000 |
| 1% | £225,001 to £250,000 |
| 5% | £250,001 to £1,000,000 |
| 6% | £1,000,000 + |
Speak to us today to discuss your property purchase needs and requirements.