First-time home buyers in Putney, UK are often confused about the seemingly random stamp duty rates they have to pay when purchasing a property. It can be a maze of strange land values, bandings and definitions – walls that you feel like you just can’t crack. But never fear. While there is no escaping payment of stamp duty, it is at least based on a flat amount rather than a percentage, with every buyer getting a free £5,000 allowance to help pay for their first home.
The Stamp Duty Calculator is an important free service of the Land Registry, the UK government agency that keeps a register of all land and property in England and Wales. The calculator helps you work out how much Stamp Duty will be levied on a property you are thinking of buying. Whether you are contemplating buying your first home or planning to make an investment, this simple tool can help you consider whether a purchase makes financial sense for you. This step-by-step guide walks you through the process to make sure you obtain the right correct figure.
Stamp Duty Calculator for Residential Property
This calculator will give you an indicative figure for how much stamp duty is likely to be payable if you buy, or are buying, property in the UK. It should not be used as an actual cost of any purchase.
Stamp Duty Calculator – Non-Residential Property
The following calculator is for purchases of non-residential property in England and Wales only.
Stamp Duty Land Tax (SDLT) Rates
Stamp duty land tax (SDLT) is an additional property tax in the UK that all home buyers must pay when purchasing a residential property. The rate of the SDLT is dependent on the purchase price of the property and ranges from 0% to 12%.
Stamp duty is payable on the part of the purchase price that falls within each stamp duty band. Duty only applies to properties over £125,000. For properties between £125,001 and £250,000, the rate payable is 1% of the value of the property.
From £250,001 upwards the stamp duty rate paid is 3%. For expert help with stamp duty issues, please contact The Putney Estate Agent, your friendly neighborhood estate agents in Putney, UK.
And speak to The Putney Estate Agent on 0208 049 3087