Stamp Duty is a tax you might have to pay if you buy a residential property or a piece of land in England and Northern Ireland.
If you’re buying your main property up until 31 March 2021, you will not have to pay Stamp Duty on properties costing up to £500,000. This will apply whether you’re a first-time buyer or have previously owned a property.
Properties costing more than £500,000 will pay the Stamp Duty rate based on the value of the property over £500,000. If you’re buying a second home, you’ll still pay Stamp Duty on a property costing more than £40,000 at the revised rates – paying an extra 3%.
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.