What is Stamp Duty?

what is stamp duty | Cyden Homes

Stamp Duty

Stamp Duty Land Tax, otherwise known as SDLT or Stamp Duty, is a tax charged by the Government when you buy a new or used home in England.

The SDLT rates are varied whether you are a First Time Buyer, buying your next home or an additional property.

How much is Stamp Duty?

First Time Buyers

Following on from the recent Government announcement on 23rd September 2022 If you are buying your first home the following rates apply:

  • Purchase Price of up to £425,000 – Zero
  • 5% on the portion from £425,001 – £625,000

You must check with your legal advisor for eligibility and for the latest applicable rates.

Buying Your Next Home

Following on from the recent Government announcement on 23rd September 2022 If you are buying your next home the following rules apply:

  • Purchase Price of up to £250,000 – Zero
  • The portion from £250,001 – £925,000 – 5%

Again, check with your legal advisor for eligibility and to get the latest applicable rates.

Investors Or Already Own A Home

Following on from the recent Government announcement on 23rd September 2022 If you are an investor or buying an additional property, the following rules usually apply:

  • Purchase Price of up to £250,000 – 3%
  • The portion from £250,001 – £925,000 – 8%

Check with your legal advisor to see if you are eligible and for the latest applicable rates.

Speak to our team

Find out more about stamp duty and see how we can help you with your property purchase.

sales@cydenhomes.co.uk

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All information provided is for information purposes only.

Do not rely on this webpage for the latest available information or to base any intended purchase upon.

Check with your legal advisor or HM Government’s Stamp Duty website for the most up to date criteria.