How much is stamp duty in the UK?

Stamp Duty can be a complicated thing. In fact many people struggle with the concept of it, possibly because of the fact that the name isn't entirely helpful. Often the question that arises is "what do stamps have to do with buying a house?", and who could blame anyone asking this if we're being honest?

Recently, the structure of stamp duty in the UK has changed somewhat. It used to be the case that stamp duty was a tax imposed on every single purchase of shares or property throughout the UK, in order to show that tax had been paid on the items in question.

Now however, it has been split into two distinct parts. The first is Stamp Duty Land Tax (more commonly known as SDLT). Stamp Duty Land Tax is the tax that property buyers must pay in order to legitimately purchase land in the UK.

For those who are buying shares in the UK, the applicable form of duty is now known as Stamp Duty Reserve Tax (SDRT) in all cases apart from paper transactions, which still use regular stamp duty.

You can see how it can get confusing for those who have little experience with the subject.

If you're planning to buy a house and would like to know precisely how much stamp duty you're going to be paying, there are quite a large number of stamp duty calculators available on the web which require no knowledge to use. In the case of most, you simply add in the price of the house and hit calculate, whereby you are presented with the total stamp duty on the house.

So, in answer to your question how much is stamp duty in the UK, we've got to give you a resounding "it depends" unfortunately. Check out www.thismismoney.co.uk/stamp-duty-homes-calculator for more information!

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