For a Purchase Price of £685,000 the Stamp Duty Land Tax (SDLT) due to be paid is £24,250 (an effective percentage of 3.54%), giving a total cost of £709,250.
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||£435,000||5%||£21,750|
|£925,000 to £1,500,000||£0||10%||£0|