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Property taxes

At a glance

How much tax you will pay depends on numerous factors including where the property is and how much you paid for it.

Stamp duty land tax (SDLT) or land and buildings transaction tax (LBTT) in Scotland on residential properties is charged at different rates according to a band system. Rates are applied only to the portion of the property's value that exceeds the relevant band threshold.

First-time-buyers

Stamp duty land tax has been abolished for first-time-buyers who buy homes under £300,000. First-time-buyers who purchase a home worth between £300,000 and £500,000 will not pay stamp duty on the first £300,000. They will pay normal rates on the price above £300,000.

This came into effect on 22 November. Our calculator does not reflect this change.

The Scottish government is consulting on whether to scrap LBTT on properties up to £175,000 for first-time buyers from 6 April 2018.

Additional property

An extra 3 percentage points are charged on purchases of additional properties such as second homes and buy-to-lets.

Wales

Land transaction tax is due to replace SDLT in Wales from 1 April 2018. Until then, SDLT rates apply.

Calculate LBTT
Please note:
The results provided by this calculator should be used as a guide only. Please contact us to discuss property tax planning in detail.

Click here for ICAEW website  Click here for SAGE website