Stamp Duty Land Tax rates Flashcards
Table 2.13: Residential property SDLT (2023/24)
Property value Rate %
Up to £250,000 0
£250,001 to £925,000 5
£925,001 to £1,500,000 10
Over £1,500,000 12
Non-Residential Property value: £0 - £150,000
What is the SDLT %?
0%
Non-Residential Property value: £150,001 - £250,000
What is the SDLT %?
2%
Non-Residential Property value: £250,001 and over
What is the SDLT %?
5%
Joe and Mary have just moved to a new house, purchasing a property to be used as their main residence in Reading for £600,000. Calculate the SDLT due.
Table 2.13: Residential property SDLT (2023/24)
Property value Rate %
Up to £250,000 0
£250,001 to £925,000 5
£925,001 to £1,500,000 10
Over £1,500,000 12
A property worth £600,000 falls into the 0%, 2% and 5% SDLT bands.
- £0 - £125,000 x 0% = £0
- £125,001 - £250,000 x 2% = £2,500
- £250,001 - £600,000 x 5% = £17,500
Total Stamp Duty Land Tax
= £20,000
Alex has purchased a non-residential property for £249,000 with her brother, Ian. Calculate the Stamp Duty Land Tax due.
Table 2.15: Commercial property SDLT (2023/24)
Value Rate %
Up to £150,000 0
£150,001 to £250,000 2
Over £250,000 5
- £0 - £150,000 x 0% =£0
- £150,001 - £249,000 x 2% =£1,980
Total Stamp Duty Land Tax = £ 1,980
How much SDLT does a first time buyer have to pay?
0% of the purchase price up to £425,000
5% Over £425,000 and up to £625,000
No relief is available for property over £625,000
Troy has purchased a residential property in Brighton for the first time with his girlfriend Lexi. Neither have owned property before.
After extensive negotiations they have agreed a purchase price of £350,000
Calculate the Stamp Duty Land Tax due.
Table 2.13: Residential property SDLT (2023/24)
Property value Rate %
Up to £250,000 0
£250,001 to £925,000 5
£925,001 to £1,500,000 10
Over £1,500,000 12
£0 - £300,000 x 0% =£0
£300,000 - £350,000 x 5% = £2,500
Total Stamp Duty Land Tax = £2,500
Charles and Robert have exchanged properties. Neither are first-time buyers.
They are trying to save on costs such as agent fees and SDLT. Charles’s property was worth £550,000 and Robert’s £552,000. How much SDLT will they save?
There will be no SDLT saving, as stamp duties cannot be avoided by exchanging properties. It will still be
charged on the current market value of each property.
Charles
£0-£125,000 x 0% =£0
£125,001 - £250,000 x 2% = £2,500
£250,001 - £550,000 x 5% = £15,000
Total Stamp Duty Land Tax = £17,500
Robert
£0-£125,000 x 0% = £0
£125,001-£250,000 x 2% = £2,500
£250,001 - £552,000 x 5% = £15,100
Total Stamp Duty Land Tax = £17,600
Overall total: £17,500 + £17,600 = £35,100
What is the total SDLT payable on the following transactions?
- Pierre, who has moved to a new house and bought a residential flat for £153,000
- Stephanie, a first-time buyer who bought a semi-detached house for £310,000
- Vladimir, who sold a penthouse suite for £1,100,000
- George, who bought an office for £130,000
Pierre £0-£125,000 x 0% = £0
£125,000 - £153,000 x 2% = £560
Total SDLT = £560
Stephanie £0 - £300,000 x 0% = £0
£300,000 - £310,000 x 5% = £500
Total SDLT = £500
Vladimir £0 as no stamp duty on a sale
George £0 as no stamp duty on commercial property below £150,000
Overall total £560 + £500 = £1,060
