See how much you could save with our Stamp Duty Calculator.
It’s always a nice feeling when you save money. That’s exactly what you could do following the changes to the Stamp Duty tax in September 2022.
Everyone could benefit – especially first time buyers. We’ve explained how below, and included a Stamp Duty Calculator to make it even easier to see how much you could save.
Here’s what the Government did:
Doubled the level at which you start paying Stamp Duty from £125,000 to £250,000.
Increased the level first time buyers start paying Stamp Duty from £300,000 to £425,000.
Allowed first time buyers to access the relief when they buy a property costing less than £625,000, rather than the previous £500,000.
Here’s how much you could save:
All home movers could now reduce their Stamp Duty bill by up to £2,500.
First time buyers could now reduce their Stamp Duty bill by up to £8,750.
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These changes to Stamp Duty mean if you’re a first time buyer, you now pay 0% Stamp Duty on the first £425,000 of your new home. If you’re an existing homeowner, you’ll also benefit, as the threshold for when you start to pay Stamp Duty has increased from £125,000 to £250,000.
If you’re purchasing your home as an investment or as an additional property, the changes to Stamp Duty also affect you as the threshold from which you pay 3% has increased from £125,000 to £250,000, under the new rules.