Stamp Duty Tax Rates

The stamp duty regime has also seen a number of significant changes in recent times, and further measures take effect for the 2018/19 tax year. From 22 November 2017, most first-time buyers in England, Wales and Northern Ireland paying £300,000 or less for a residential property no longer pay Stamp Duty Land Tax (SDLT), while those paying between £300,000 and £500,000 pay SDLT at 5% on any purchase amount in excess of £300,000.
From 1 April 2018, Wales rolls out its own stamp duty equivalent, the Land Transaction Tax (LTT), which preserves the essential structure of SDLT but with some key differences, including a higher starting threshold for residential properties. Wales has no plans to introduce a relief for first-time buyers. The new LTT rates are as follows:

Residential

Consideration (£)Rate (%)
Up to 180,0000
180,001 – 250,0003.5
250,001 – 400,0005
400,001 – 750,0007.5
750,001 – 1,500,00010
Over 1,500,00012

Non-residential

Consideration (£)Rate (%)
Up to 150,0000
150,001 – 250,0001
250,001 – 1,000,0005
Over 1,000,0006

Residential rates may be increased by 3% where further residential properties are acquired.

Scotland already has its own equivalent of SDLT, the Land and Buildings Transaction Tax (LBTT). In the Scottish Budget, Finance Secretary Derek Mackay confirmed that the LBTT rates will remain unchanged for 2018/19, although a new relief for first-time homebuyers is planned.

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