Short answer
Stamp duty on a £1 million property in England and Northern Ireland is £43,750. First-time buyer relief is not available at this price. A second home or buy-to-let costs £93,750. These figures use the rates in force from 1 April 2025.
1. Stamp duty on £1 million at a glance
| Buyer | Stamp duty | Effective rate |
|---|---|---|
| Main home (standard rates) | £43,750 | 4.38% |
| Second home or buy-to-let (+5%) | £93,750 | 9.38% |
| Non-UK resident, main home (+2%) | £63,750 | 6.38% |
| Non-UK resident, additional property (+7%) | £113,750 | 11.38% |
A £1 million purchase is the first round-number price to reach into the 10% band.
2. How the £43,750 is worked out
Stamp duty is marginal: each slice of the price is charged at the rate for its own band, not the whole price at one rate. For £1 million the standard working is:
| Band | Rate | Taxable slice | Tax |
|---|---|---|---|
| £0 to £125,000 | 0% | £125,000 | £0 |
| £125,000 to £250,000 | 2% | £125,000 | £2,500 |
| £250,000 to £925,000 | 5% | £675,000 | £33,750 |
| £925,000 to £1,000,000 | 10% | £75,000 | £7,500 |
The bill is the sum of the Tax column, £43,750. That is an effective rate of 4.38% of the price.
3. First-time buyer stamp duty on £1 million
First-time buyer relief is not available above £500,000, so a first-time buyer pays the standard £43,750 here. A purchase at £500,000 would cost a first-time buyer £10,000.
At £1 million the purchase crosses the £925,000 threshold, so £75,000 of the price is taxed at 10% rather than 5%.
4. Second home or buy-to-let on £1 million
The higher rates add 5% to every band, so the same purchase as an additional residential property costs £93,750, which is £50,000 more than a main home. The surcharge applies when you buy a residential property for £40,000 or more and still own another one at the end of the purchase day. If you are replacing your main home you may be able to reclaim the surcharge: see our guide to stamp duty on a second home or buy-to-let.
| Band | Rate | Taxable slice | Tax |
|---|---|---|---|
| £0 to £125,000 | 5% | £125,000 | £6,250 |
| £125,000 to £250,000 | 7% | £125,000 | £8,750 |
| £250,000 to £925,000 | 10% | £675,000 | £67,500 |
| £925,000 to £1,000,000 | 15% | £75,000 | £11,250 |
5. What a little more or less would cost
Each extra £10,000 on the price adds about £1,000 of stamp duty at this level (the marginal rate is 10%). Moving from £1 million to £1,050,000 would raise the main-home bill from £43,750 to £48,750, a difference of £5,000.
6. Frequently asked questions
How much stamp duty do you pay on £1 million?expand_more
In England and Northern Ireland, the standard SDLT on £1 million is £43,750 (an effective rate of 4.38%). A first-time buyer pays the same £43,750 because relief is not available above £500,000, and an additional property such as a second home or buy-to-let pays £93,750.
Is stamp duty on £1 million different for a second home?expand_more
Yes. The higher rates add 5% to every band, so a second home or buy-to-let at this price costs £93,750, which is £50,000 more than a main home.
Do non-UK residents pay more stamp duty on £1 million?expand_more
Yes. A further 2% applies to all residential bands, making the main-home figure £63,750. A non-UK resident buying an additional property pays £113,750.
Does this apply in Scotland or Wales?expand_more
No. Scotland charges LBTT and Wales charges LTT, with different bands and rates. These figures are for England and Northern Ireland only.