Stamp duty on £700,000 by buyer and nation
| Home mover | First-time buyer | Additional property | |
|---|---|---|---|
| England and Northern Ireland (SDLT) | £25,000 | £25,000 | £60,000 |
| Scotland (LBTT) | £43,350 | £42,750 | £99,350 |
| Wales (LTT) | £33,000 | £33,000 | £67,450 |
What is specific to a £700,000 purchase
- England and Northern Ireland (SDLT): the top of the price falls in the 5% band, with £450,000 of the price above £250,000.
- Scotland (LBTT): the top of the price falls in the 10% band, with £375,000 of the price above £325,000. The 12% band starts £50,000 higher, at £750,000.
- Wales (LTT): the top of the price falls in the 7.5% band, with £300,000 of the price above £400,000. The 10% band starts £50,000 higher, at £750,000.
- For a home mover, England and Northern Ireland is the cheapest nation at this price and Scotland the dearest, £18,350 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 £450,000 = £22,500
- Total: £25,000
Additional property: the standard £25,000 plus 5% of the whole price (£35,000) = £60,000.
Scotland and Wales
- Scotland (LBTT): £43,350 for a home mover, £42,750 for a first-time buyer and £99,350 with the 8% Additional Dwelling Supplement.
- Wales (LTT): £33,000 at the main rates (also for first-time buyers) and £67,450 at the higher rates for an additional property.
Frequently asked questions
How much is stamp duty on £700,000?
£25,000 in England and Northern Ireland for a home mover, £25,000 for a first-time buyer and £60,000 for an additional property.
How much stamp duty on £700,000 for a first-time buyer?
£25,000 in England and Northern Ireland: the relief only applies to homes up to £500,000.