Stamp Duty calculator
When you buy a property in the UK, you have to pay a certain amount of Stamp Duty Land Tax (SDLT). This is calculated rather like income tax, whereby you pay the rate of tax on the part of the purchase price within each stamp duty tax band.
How it is worked out
As of April 1st 2016 the stamp duty levels changed to an increased rate for investors purchasing buy-to-let property and other second properties, such as holiday homes, in which owners do not intend to live full-time.
For example, if your property costs more than £125,000 then you will have to pay SDLT, and if you're a first-time buyer you won't have to pay any SDLT on a property up to £300,000. The amount you pay does depend on the value of your property as it is worked out on a percentage of your purchase price, It is important to consider SDLT when thinking about buying a house as in some cases it could be a considerable amount.