What is Stamp Duty?

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.

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 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.

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.

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