Stamp duty on £550,000 by buyer and nation
| Home mover | First-time buyer | Additional property | |
|---|---|---|---|
| England and Northern Ireland (SDLT) | £17,500 | £17,500 | £45,000 |
| Scotland (LBTT) | £28,350 | £27,750 | £72,350 |
| Wales (LTT) | £21,750 | £21,750 | £48,700 |
What is specific to a £550,000 purchase
- England and Northern Ireland (SDLT): the top of the price falls in the 5% band, with £300,000 of the price above £250,000.
- Scotland (LBTT): the top of the price falls in the 10% band, with £225,000 of the price above £325,000.
- Wales (LTT): the top of the price falls in the 7.5% band, with £150,000 of the price above £400,000.
- For a home mover, England and Northern Ireland is the cheapest nation at this price and Scotland the dearest, £10,850 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 £300,000 = £15,000
- Total: £17,500
Additional property: the standard £17,500 plus 5% of the whole price (£27,500) = £45,000.
Scotland and Wales
- Scotland (LBTT): £28,350 for a home mover, £27,750 for a first-time buyer and £72,350 with the 8% Additional Dwelling Supplement.
- Wales (LTT): £21,750 at the main rates (also for first-time buyers) and £48,700 at the higher rates for an additional property.
Frequently asked questions
How much is stamp duty on £550,000?
£17,500 in England and Northern Ireland for a home mover, £17,500 for a first-time buyer and £45,000 for an additional property.
How much stamp duty on £550,000 for a first-time buyer?
£17,500 in England and Northern Ireland: the relief only applies to homes up to £500,000.