The amount you have to pay varies depending on the agreed price of the property and you personal circumstances. If you own another property anywhere in the world, you will have to pay a higher rate of stamp duty.
Stamp Duty Calculation Examples
First Time Buyers…
If it’s your first home, you can currently claim an exemption up to £300,000. And 5% on the amount between £300,001 and £500,000.
So if the property you’re buying is less than £300,000, you’ll be exempt from stamp duty.
If it’s £350,000, you’ll pay no stamp duty on the first £300,000. And 5% on the remaining £50,000, so your total stamp duty bill would be 5% of £50,000. £2500.
If You’ve Bought A Property Before…
If you’ve bought a property before that you are now selling when you move to your new property,
If You Already Own Another Property
If you’re moving home or buying an investment property and planning to keep your existing property, you will be subject to additional levies of stamp duty. Usually 3% on top of the rates everybody else pays.