Short answer
Stamp duty on a £550,000 property in England and Northern Ireland is £17,500. First-time buyer relief is not available at this price. A second home or buy-to-let costs £45,000. These figures use the rates in force from 1 April 2025.
1. Stamp duty on £550,000 at a glance
| Buyer | Stamp duty | Effective rate |
|---|---|---|
| Main home (standard rates) | £17,500 | 3.18% |
| Second home or buy-to-let (+5%) | £45,000 | 8.18% |
| Non-UK resident, main home (+2%) | £28,500 | 5.18% |
| Non-UK resident, additional property (+7%) | £56,000 | 10.18% |
£550,000 sits just above the first-time buyer cap, which makes it a common point of confusion.
2. How the £17,500 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 £550,000 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 £550,000 | 5% | £300,000 | £15,000 |
The bill is the sum of the Tax column, £17,500. That is an effective rate of 3.18% of the price.
3. First-time buyer stamp duty on £550,000
First-time buyer relief is not available above £500,000, so a first-time buyer pays the standard £17,500 here. A purchase at £500,000 would cost a first-time buyer £10,000.
This price is above the £500,000 cap, so first-time buyers lose the relief entirely. The standard-rate bill of £17,500 is £7,500 more than the £10,000 a first-time buyer would pay at £500,000.
4. Second home or buy-to-let on £550,000
The higher rates add 5% to every band, so the same purchase as an additional residential property costs £45,000, which is £27,500 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 £550,000 | 10% | £300,000 | £30,000 |
5. What a little more or less would cost
Each extra £10,000 on the price adds about £500 of stamp duty at this level (the marginal rate is 5%). Moving from £550,000 to £600,000 would raise the main-home bill from £17,500 to £20,000, a difference of £2,500.
6. Frequently asked questions
How much stamp duty do you pay on £550,000?expand_more
In England and Northern Ireland, the standard SDLT on £550,000 is £17,500 (an effective rate of 3.18%). A first-time buyer pays the same £17,500 because relief is not available above £500,000, and an additional property such as a second home or buy-to-let pays £45,000.
Is stamp duty on £550,000 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 £45,000, which is £27,500 more than a main home.
Do non-UK residents pay more stamp duty on £550,000?expand_more
Yes. A further 2% applies to all residential bands, making the main-home figure £28,500. A non-UK resident buying an additional property pays £56,000.
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.