Stamp Duty is a tax you may have to pay if you buy a residential property or a piece of land in England or Northern Ireland over a certain price.
If you complete the purchase of your main property by 30 June 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.
For properties costing more than £500,000 will pay the Stamp Duty rate based on the value of the property over £500,000.
From 1 July to 30 September 2021, you will not have to pay Stamp Duty on residential properties costing up to £250,000.
If you’re a first-time buyer, you will pay no Stamp Duty on properties costing up to £300,000, and a discounted rate, up to £500,000.
From 1 October, you will pay Stamp Duty on properties costing more than £125,000 for residential properties, unless you’re a first-time buyer.
If you’re buying a second home, you’ll still pay an extra 3% Stamp Duty on properties costing more than £40,000 at the relevant rate at that time.
This tax applies to both freehold and leasehold properties – whether you’re buying outright or with a mortgage.