What is Stamp Duty Land Tax?
The term “Stamp Duty” actually describes a range of different taxes that apply to the transfer of property. For example, you pay a version of Stamp Duty on some share transfers.The kind we're concerned with here applies to buying property and land, and is called Stamp Duty Land Tax (SDLT). It applies when you buy land or property in England, Wales and Northern Ireland.
How much Stamp Duty will you pay?
The table above shows the rate of Stamp Duty Land Tax payable when you are buying property in England, Wales or Northern Ireland.The standard rate is what you'll pay if you're a first-time buyer, or buying a new property to replace the one you currently live in. If you already own a property and you're not replacing your main residence – for example, if you're acquiring a buy-to-let property – the new higher rate will apply as the table above demonstrates.