Stamp Duty is a tax you might have to pay if you buy a residential property or a piece of land in England or Northern Ireland over a certain price.
If you’re buying your main property up until 30 September 2021, you will not have to pay Stamp Duty on properties costing up to £250,000.
For properties costing more than £250,000 you will pay the Stamp Duty rate based on the purchase price.
If you’re a first-time buyer, you will pay no Stamp Duty on properties costing up to £300,000, and a discounted rate on property purchases up to £500,000.
From 1 October 2021, you will pay Stamp Duty on residential properties costing more than £125,000, unless you qualify for first-time buyers relief.
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 rates 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.