Stamp duty on £500,000 by buyer and nation
| Home mover | First-time buyer | Additional property | |
|---|---|---|---|
| England and Northern Ireland (SDLT) | £15,000 | £10,000 | £40,000 |
| Scotland (LBTT) | £23,350 | £22,750 | £63,350 |
| Wales (LTT) | £18,000 | £18,000 | £42,450 |
What is specific to a £500,000 purchase
- England and Northern Ireland (SDLT): the top of the price falls in the 5% band, with £250,000 of the price above £250,000.
- Scotland (LBTT): the top of the price falls in the 10% band, with £175,000 of the price above £325,000.
- Wales (LTT): the top of the price falls in the 7.5% band, with £100,000 of the price above £400,000.
- First-time buyers: £500,000 is the last price with relief. At £500,001 the relief is lost on the whole price and stamp duty jumps from £10,000 to £15,000.
- For a home mover, England and Northern Ireland is the cheapest nation at this price and Scotland the dearest, £8,350 apart.
How it is calculated (England and Northern Ireland)
- 0% on the first £125,000 = £0
- 2% on the next £125,000 = £2,500
- 5% on the next £250,000 = £12,500
- Total: £15,000
First-time buyer: 0% on the first £300,000 = £0; 5% on the next £200,000 = £10,000. Total £10,000.
Additional property: the standard £15,000 plus 5% of the whole price (£25,000) = £40,000.
Scotland and Wales
- Scotland (LBTT): £23,350 for a home mover, £22,750 for a first-time buyer and £63,350 with the 8% Additional Dwelling Supplement.
- Wales (LTT): £18,000 at the main rates (also for first-time buyers) and £42,450 at the higher rates for an additional property.
Frequently asked questions
How much is stamp duty on £500,000?
£15,000 in England and Northern Ireland for a home mover, £10,000 for a first-time buyer and £40,000 for an additional property.
How much stamp duty on £500,000 for a first-time buyer?
£10,000 in England and Northern Ireland, £22,750 in Scotland and £18,000 in Wales, which has no first-time buyer relief.