Stamp Duty Calculation

[Pat_Burrows1970]

Hello,

I have a SUMPRODUCT formula to calculate stamp duty in the UK below where F2 = the purchase price of a property. 

=SUMPRODUCT(--(F2>{0;250000;925000;1500000}),(F2-{0;250000;925000;1500000}), {0.03;0.05;0.05;0.02})

I want to edit this formula so that if F2 is less than 40000 then the stamp duty = £0 regardless of the above formula.

Can anyone assist me please?

Thanks,

Pat

[#2 · Accepted solution]

@Pat_Burrows1970 

=IF(F2<40000,0,SUMPRODUCT(--(F2>{0;250000;925000;1500000}),(F2-{0;250000;925000;1500000}),{0.03;0.05;0.05;0.02}))

Does this return the expected result?

[#3]

@Quadruple_Pawn 

Thank you it worked.

You are a star!

[#4]

You are welcome.

[#5]

@Quadruple_Pawn 

If anyone comes across this thread more recently, rates have now changed...

=IF(B4<40000,0,SUMPRODUCT(--(B4>{0;250000;925000;1500000}),(B4-{0;250000;925000;1500000}),{0;0.05;0.1;0.12}))