Stamp Duty for First Time Buyers
Everything you need to know about the new rates and what it will cost you.
What is Stamp Duty Land Tax?
Stamp Duty is tax that you must pay when purchasing a new property for an amount over a certain threshold, the amount of tax you pay depends entirely on the purchase price. Stamp Duty is calculated by segmenting portions of the purchase price in to tax bands, each band (A, B, C and D ) has a different rate of payable tax.
On Setpember 23rd 2022, the government introduced new rules for first time buyers, in order to help people trying to get on to the property ladder, they removed all stamp duty payable on the first £425,000 of a property worth up to £625,000. It's important to remember though that if you are a first time buyer purchasing a home for more than £625,000, you will not be entitled to any relief and will have to pay normal rates on your purchase.
How much is Stamp Duty?
The amount of stamp duty you pay depends on how much you are purchasing a property for, whether you are buying a buy to let or second home, and whether you are a first time buyer. The calculator below will show you whether the new first time buyer tax relief is applicable to you and how much your Stamp Duty bill will cost you.