What is the SDLT rate for property purchases valued at £1,500,001 and above?

For property purchases valued at £1,500,001 and above, the Stamp Duty Land Tax (SDLT) rate is 12%. This rate applies to the portion of the property price that exceeds the higher threshold of £1.5 million. In the context of SDLT, the system operates with a progressive tax structure, where different portions of the property value are taxed at different rates. In this case, any purchase above this threshold is subject to the 12% charge, reflecting the government's approach to taxing higher-value transactions more heavily.

It should be noted that the lower rates set for properties below this threshold contrast sharply, making the 12% rate significant for luxurious or high-value transactions. Understanding the tiered structure is crucial for taxpayers when planning property acquisitions and calculating potential costs associated with their purchases.