The quick answer is ‘no’. Fortunately stamp duty is charged in thresholds, a bit like income tax. It means that rate of each threshold is only applied to the proportion of the sale within that range.
What are stamp duty reliefs and exemptions?
Some transactions are exempt from stamp duty tax, such as properties that are transferred as part of a divorce settlement or the dissolving of a civil partnership. Property that is left to someone in a will is also exempt, along with transactions that don’t have a chargeable consideration.
Learn more about HMRC’s stamp duty reliefs and exemptions.
How and when should I pay stamp duty?
HMRC must be notified within 14 days of the sale’s completion. Usually your solicitor or agent will send a Stamp Duty Land Tax (SDLT) Return for you, and you will then pay the amount directly to them. We always recommend that you check this with them, and never assume!