Buying a home in the UK requires you to pay a government tax, in England this is called Stamp Duty Land Tax (SDLT). In Wales it’s Land Transaction Tax (LTT) and Buildings Transaction Tax (LBTT) in Scotland.
As of the 1st of April (in England), the thresholds have changed, and the amount you pay depends on the value of the property you purchase.
If you’re a first-time buyer, you now pay 0% Stamp Duty on the first £300,000 of your new home. You’ll only pay 5% on any portion between £300,001 and £500,000. However, if the price of the home is more than £500,000, you'll be required to pay normal Stamp Duty rates, the same as next home buyers. For next home buyers, the Stamp Duty threshold has lowered from £250,000 to £125,000.
For details on the new tax bandings, take a look at the tables below or try the calculator.
We may be able to help you with your land tax payment, so talk to your sales consultant today.
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