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What is Stamp Duty?

23 Nov 2017

What is stamp duty?

Stamp duty land tax is a lump-sum tax that anyone buying a property or land costing more than a set amount has to pay. The rate at which you'll pay the tax varies based on the property price.

So what's the new system for first-time buyers?

In England, Wales and Northern Ireland, the new stamp duty rates for first-time buyers buying properties costing up to £500,000 are as follows:

  • Up to £300,000 purchase price: 0% stamp duty
  • £300,000.01 to £500,000: 5% (on that portion of the purchase price only)


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