Bird House Properties
Stamp Duty Calculator
Bird House Properties stamp duty calculator will show you all of the costs you'll incur due to stamp duty.
How much stamp duty will you pay?
Our Stamp Duty Calculator delivers an instant and accurate result by applying the latest rates to the relevant tax band. Learn how much you will need to pay for a property purchase in Newcastle upon Tyne and the North East. We update our calculator regularly to reflect the changing rates and variables. It includes options for first-time buyers, buying an additional property as either a second home or buy-to-let, and non-UK residents. It is a useful tool for people who are:
- First-time buyers
- Moving up the property ladder
- Buying an additional property either as a second home or a buy to let
What is stamp duty?
When you buy property in England over a certain price you have to pay Stamp Duty Land Tax (SDLT). Stamp Duty is taxed using different rates depending on the property purchase price. This tax is divided into different bands with different rates; the higher the price, the higher the band the property will belong to.
When do you pay stamp duty?
Not all properties pay this tax. You have to pay Stamp Duty if the property value is £125k or more, and you have to pay within 14 days after the purchase is made effective. As solicitors usually submit SDLT returns, this generally doesn't impact individuals — but buyers should still be aware of this 14-day payment period.
What are the stamp duty rates?
The table below details the different rates that apply to standard and additional-property purchases.
| Tax Band | Normal Rate | Additional Property |
|---|---|---|
| Less than £125k | 0% | 3% |
| £125k to £250k | 2% | 5% |
| £250k to £925k | 5% | 8% |
| £925k to £1.5m | 10% | 13% |
| Over £1.5m | 12% | 15% |
* If the value of the additional property is below £40k a 0% tax will apply.
How much is stamp duty for first-time buyers?
If you have never owned a property and you are buying your main residence, you may qualify as a first-time buyer. If you are a first-time buyer in England and the property price is below £300,000 you won't need to pay the SDLT. If the property is between £300,001 and £500,000, you'll pay SDLT at the relevant rate of 5%.
Finally, if the property's value is over £500,000, standard rates will apply and you won't qualify for first-time buyer's relief.
If you are looking to buy your new home we have the best selection of properties for sale in Newcastle. Please feel free to reach out to our team if you have questions about buying property, mortgages, or conveyancing.