Stamp duty is a tax that you need to pay when you buy a property in England or Northern Ireland. In Scotland, it’s known as Land and Buildings Transaction Tax, and in Wales it’s called Land Transaction Tax with rates set locally. The amount of Stamp Duty Land Tax (SDLT) you pay is calculated using the purchase price of a property, not the amount you’re borrowing through a mortgage.
Stamp duty was cut in Chancellor Kwasi Kwarteng’s September 2022 mini-budget. Starting from 23 September, the threshold for stamp duty on residential properties has been raised from £125,000 to £250,000, while first-time buyers are now exempt from stamp duty on home purchases up to £425,000 in England and Northern Ireland.
You’ll still need to pay stamp duty when buying a property over a certain amount. In the latest of our series of guides provided by UK price comparison website Comparethemarket we explain how stamp duty works, when it applies, how to pay it and the latest stamp duty rates:
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