Since December 4th 2014, the rules regarding the payment of stamp duty have changed.
The payment is now calculated based on a rising gradient system, similar to income tax.
The payments are as follows:
Property or lease premium or transfer value SDLT rate:
Up to £125,000 - Zero
The next £125,000 (the portion from £125,001 to £250,000) - 2%
The next £675,000 (the portion from £250,001 to £925,000) - 5%
The next £575,000 (the portion from £925,001 to £1.5 million) -10%
The remaining amount (the portion above £1.5 million) - 12%
To make things easier, we suggest you use the government's stamp duty calculator. It can be all important when setting your home-hunting budget!