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First-time buyer stamp duty rates

From November 2017, first-time buyers in England and Wales will not need to pay stamp duty on properties up to £300,000.

If the home is worth more than £300,000, but less than £500,000, you’ll pay 5% on any amount over £300,000.

These stamp duty changes could mean savings of up to £5,000 for those taking their first step on the property ladder.

But if the home costs more than £500,000, the standard rates will apply and you won’t qualify for any relief.

Will I have to pay stamp duty?

If you’re buying your first residential property in England or Wales for £300,000 or less, you won’t have to pay stamp duty, as long as you intend to live there.

If you’re planning to let the property, a special rate of stamp duty will apply. These rates also apply if you’re buying a second home. See our guide to buy-to-let or second home stamp duty ratesBuyers who have previously bought a home are subject to the standard stamp duty.

In Scotland, all property purchases are subject to the Land and Buildings Transactions Tax or LBTT on properties over £145,000. There is currently no exemption for first time buyers in Scotland

The first time buyer exemption only applies if both partners are buying a home for their first time.

Stamp duty tax rates for residential properties in England and Wales

* Note that the amount of tax you pay only applies to each portion of the price above each threshold.

For example, if you’re a first time buyer spending £450,000, you will only pay tax on the portion over £300,000. So 5% of £150,000 = £7,500.

Land and Buildings Transaction Tax (LBTT) rates for residential properties in Scotland






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