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Stamp duty calculator
Until March 31st, 2021 in the UK, you will pay no Stamp Duty Land Tax on the purchase of your main property, up to a value of £500,000. The Invezz stamp duty calculator lets you determine the savings you stand to realise from that relaxation in the law, and what it will mean for your budget. Keep reading to see how our stamp duty calculator works.
How to use our stamp duty calculator
To calculate the impact of paying vs. not paying stamp duty, follow these steps:
- Enter in the purchase price of your property.
- Indicate if this is your primary home, or a second home/investment property.
- Click calculate.
How the stamp duty calculator works
Our stamp duty calculator works by assessing what kind of property you own, then telling you the cost of the stamp duty you’ll have to pay based on your answer. It’s a cost calculator, one that serves as a reminder that the current relaxation of the stamp duty in much of the UK (excluding Scotland and Wales) stands to save you thousands of dollars.
If the property in question is your primary home and costs less than £500,000, the stamp duty you will owe is zero. If it’s your second home or an investment property, the current stamp duty you stand to pay is 3%; on a second home/investment property that costs £500,000, that would mean paying £15,000 in stamp duty.
Why should I use it?
It’s all about budget, and knowing exactly how much your home purchase will cost. If you know that you’re going to save several thousand pounds on stamp duty, you’ll have capital available that you wouldn’t have before. You can then put that money to good use, paying off debts or investing in potentially profitable assets.
What is stamp duty?
Stamp duty is a tax applied to the purchase of properties (or documents). The name comes from the old practice of placing a physical stamp onto a document to indicate that the stamp duty had been paid before the document in question became legally effective. More modern versions of the stamp duty no longer require an actual stamp.