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Stamp Duty

Major Stamp Duty savings for first-time buyers. The 2017 Budget has opened doors for first-time buyers in England. With no Stamp Duty to pay on properties up to £300,000, owning your new home could be closer than you think.

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What is Stamp Duty?

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Stamp Duty is the tax charged by the Government when you buy a home. For first-time buyers in England 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 £175,000.

See more detail on LBTT (Scotland)

Stamp Duty in Wales is now referred to as the Land Transaction Tax (LTT) and is charged when you buy a home of more than £180,000.

See more detail on LTT (Wales)

Why do we have to pay it?

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

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

Purchase Price Stamp Duty %;
£0 - £300,000 0% (Zero)
£300,001 to £500,000 5% (£0 Stamp Duty to pay upto £300,000)
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Stamp Duty payable for England - 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%

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