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 September 2022, you will pay Stamp Duty on residential properties costing more than £250,000, 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 £425,000, and 5% on property purchases up to £625,000.

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.