Until 30 June 2021, you will not have to pay Stamp Duty on properties costing up to £500,000. This will apply whether you’re a first-time buyer or have previously owned a property.
Properties costing more than £500,000 will pay the Stamp Duty rate based on the value of the property over £500,000.
From 1 July to 30 September 2021, you will not have to pay Stamp Duty on residential properties costing up to £250,000. If you’re a first-time buyer, you will pay no Stamp Duty on properties costing up to £300,000, and a discounted rate, up to £500,000.
From 1 October, you will pay Stamp Duty on properties costing more than £125,000 for residential properties, unless you’re a first-time buyer.
If you’re buying a second home, you’ll still pay an extra 3% Stamp Duty on properties costing more than £40,000 at the relevant rate at that time.
This tax applies to both freehold and leasehold properties – whether you’re buying outright or with a mortgage.
If you’re buying a property in Scotland, you will pay Land and Buildings Transaction Tax (LBTT) and in Wales Land Transaction Tax (LTT) instead of Stamp Duty..