For a Purchase Price of £450,000 the Stamp Duty Land Tax (SDLT) due to be paid is £10,000 (an effective percentage of 2.22%), giving a total cost of £460,000.
This calculation assumes that the property is a Residential purchase that will be your sole residence and will attract the standard rate of SDLT. If this purchase is for a second home or other use then you may be required to pay the higher rate of SDLT. Please see the UK Government SDLT website for further information.
This calculation is based on the reduced rates of stamp duty due to COVID-19 announced by the Chancellor of the Exchequer in the March 2021 budget. These rates apply to all property purchases completed between 1-July-2021 and 30-September-2021.
|Band||Amount in Band||Percentage||SDLT Due|
|Up to £250,000||£250,000||0%||£0|
|£250,000 to £925,000||£200,000||5%||£10,000|
|£925,000 to £1,500,000||£0||10%||£0|