For a Purchase Price of £585,000 the Stamp Duty Land Tax (SDLT) due to be paid is £19,250 (an effective percentage of 3.29%), giving a total cost of £604,250.
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.
Band | Amount in Band | Percentage | SDLT Due |
---|---|---|---|
Up to £125,000 | £125,000 | 0% | £0 |
£125,000 to £250,000 | £125,000 | 2% | £2,500 |
£250,000 to £925,000 | £335,000 | 5% | £16,750 |
£925,000 to £1,500,000 | £0 | 10% | £0 |
Above £1,500,000 | £0 | 12% | £0 |
TOTAL | £585,000 | 3.29% (effective rate) | £19,250 |