Stamp Duty on a Second Home
If you’re buying a second home that you won’t be living in, you’ll be charged an additional rate of stamp duty. The amount you pay depends on the property value and where you live in the UK. We explain the rules for second homes and look at cases where you may not have to pay stamp duty.
- Who has to pay stamp duty on a second home?
- How much is stamp duty on a second home?
- Are any homes exempt from stamp duty for second homes?
- What if the home I’m buying will be my main residence?
- What if my partner already owns a home. Will I have to pay stamp duty?
- In what circumstances might stamp duty not be payable on a second home?
England and Northern Ireland
The stamp duty thresholds were raised in the September 2022 mini-budget. Stamp duty for second homes from 23 September is shown in the table below:
(Property value - Standard stamp duty rate - Additional property stamp duty rate)
Scotland
Buyers of second homes in Scotland have to pay the ‘Additional Dwelling Supplement’ on top of the Land and Buildings Transaction Tax (LBTT). This is 4% on the purchase price of properties over £40,000.
(Property value - Land and Buildings Transaction Tax rate - Additional Dwelling Supplement)
Wales
Buyers of second homes in Wales have to pay the higher residential rate of Land Transaction Tax (LTT) for properties over £40,000.
(Property value - Standard LTT rate - Higher residential rate)
If you haven’t sold your previous main residence by the day of completion on your new home, you’ll have to pay the second property tax. That’s because you now own two properties.
But the good news is that you can apply for a second-home stamp-duty refund if you sell your previous main home within 36 months.
Guide provided by Comparethemarket
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Further Information:
- Right to Buy Your Home
- First-Time Buyers
- Buy-to-Let
- Residential Stamp Duty Rules on Second Homes
- Fixed Prices for Our Residential Conveyancing Services
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