Stamp Duty on £1,000,000 Property
Calculate stamp duty on a £1 million property
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Quick Answer: Stamp Duty on £1,000,000
First-Time Buyer
N/A
Above £625k threshold
Standard Buyer
£43,750
4.38% effective rate
Additional Property
£93,750
Includes 5% surcharge
How Stamp Duty is Calculated on £1,000,000
Stamp duty is calculated using tiered rates. You pay different percentages on different portions of the property price, similar to income tax bands.
Standard Buyer Breakdown
| Band | Rate | Amount | Tax |
|---|---|---|---|
| £0 - £125,000 | 0% | £125,000 | £0 |
| £125,000 - £250,000 | 2% | £125,000 | £2,500 |
| £250,000 - £925,000 | 5% | £675,000 | £33,750 |
| £925,000 - £1,000,000 | 10% | £75,000 | £7,500 |
| Total Stamp Duty | £43,750 | ||
Additional Property Breakdown
| Component | Amount |
|---|---|
| Base Stamp Duty | £43,750 |
| 5% Additional Property Surcharge | +£50,000 |
| Total (Additional Property) | £93,750 |
First-Time Buyer Relief
First-Time Buyer Relief Not Available
First-time buyer relief only applies to properties up to £625,000. At £1,000,000, first-time buyers pay the same rates as standard home movers: £43,750.
Tips for Buyers at This Price Point
- Negotiation tip: Consider negotiating the price down slightly to reduce your stamp duty bill.
- Budget planning: Factor stamp duty of £43,750 into your total purchase costs alongside legal fees, surveys, and moving costs.
- Higher rate band: Part of this purchase falls into the 10% stamp duty band (£925,001 - £1.5m).
Frequently Asked Questions
How much stamp duty on a £1,000,000 property?
For a £1,000,000 property in England: First-time buyers pay standard rates (no relief above £625k), standard home movers pay £43,750, and additional property buyers pay £93,750 including the 5% surcharge.
Do first-time buyers pay stamp duty on £1,000,000?
Yes, first-time buyers pay standard rates on a £1,000,000 property because it exceeds the £625,000 threshold for first-time buyer relief. They would pay £43,750.
What is the stamp duty on a £1,000,000 second home?
The stamp duty on a £1,000,000 second home is £93,750. This includes the standard SDLT of £43,750 plus a 5% additional property surcharge of £50,000.
What is the effective stamp duty rate on £1,000,000?
For a £1,000,000 property, the effective stamp duty rate is 4.38% for standard buyers and 9.38% for additional property purchases.
Other Price Points
£250,000
Calculate stamp duty on a £250,000 property
FTB relief range£300,000
Calculate stamp duty on a £300,000 property
FTB relief range£400,000
Calculate stamp duty on a £400,000 property
FTB relief range£500,000
Calculate stamp duty on a £500,000 property
FTB relief range£625,000
Calculate stamp duty on a £625,000 property - FTB threshold
FTB relief range£750,000
Calculate stamp duty on a £750,000 property
Standard range£1,500,000
Calculate stamp duty on a £1.5 million property
Includes 10% band
Related Guides
Note: These calculations are for properties in England and Northern Ireland. Scotland uses LBTT and Wales uses LTT with different rates.