Stamp Duty Paid

Budget 2017 update: major Stamp Duty savings for first-time buyers. The 2017 Budget has been revealed and it's opened doors for first-time buyers. With no Stamp Duty to pay on properties up to £300,000, owning your new home could be closer than you think.


What is Stamp Duty?

Stamp Duty is the tax charged by the Government when you buy a home. For first-time buyers in England and Wales no Stamp Duty is payable on properties up to £300,000. Homeowners need to start paying Stamp Duty from £125,000. Stamp Duty in Scotland is now referred to as the Land and Buildings Transaction Tax (LBTT) and is charged when you buy a home of more than £145,000. See more detail on LBTT.

Why do we have to pay it?

When you buy a property the change in land ownership has to be legally registered at the Land Registry. This process requires a certificate from the HMRC – which they will only issue on receipt of the Stamp Duty due on the purchase of the property. So, put simply, if you don't pay the Stamp Duty, you can't buy your new home. Luckily, you don't have to worry about it as it’s one of the things your solicitor takes care of.

How much is Stamp Duty?

In England and Wales, Stamp Duty rates are paid on a sliding scale based on the property price within each tax band.

Stamp Duty payable for England and Wales - First-time buyers up to £500,000:

Purchase Price Stamp Duty %;
£0 - £300,000 0% (Zero)
£300,000 to £500,000 5%

Stamp Duty payable for England and Wales - First-time buyers purchasing over £500,000 and existing Homeowners:

Purchase Price Stamp Duty %;
0 – £125,000 0% (Zero)
£125,001 to £250,000 2%
£250,001 to £925,000 5%
£925,001 to £1.5 million 10%
More than £1.5m 12%

How can we pay it for you?

Legally, when purchasing a home, the purchaser has to pay the Stamp Duty land tax on their purchase. However, on selected plots, we may be able to make a contribution towards your Stamp Duty* - just ask the Sales Adviser at the development.

Should you proceed with this Barratt Homes' offer, we will pay the agreed sum to your solicitor on completion of the purchase of your new home.

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