Mortgage & Property Advice Centre for First Time Home Buyers

Home Buying Advice

Stamp Duty Land Tax

Stamp Duty Land Tax is payable in different amounts via the conveyancing solicitor, depending on the purchase price of the house. It is one of the thorns in a first time buyer's side as it's an added expense they could do without! We would like to see stamp duty land tax exemption for first time home buyers.  Failing that, we would like to see the stamp duty land tax thresholds reviewed and stamp duty limits put in place for first time buyers.

Stamp Duty Land Tax Payable: Stamp Duty Levels.

0 - £150,000 0% payable
£150,001 - £250,000 1% payable
£250,001 - £500,000 3% payable
Above £500,000 4% payable

The tax is payable on the completion of the purchase of your home.

Some property developments offer stamp duty land tax exemption if they are in a regeneration area - for shared ownership and traditional ownership. For shared ownership properties, stamp duty is not payable until you own 80% of the property.
 
Other useful Home Buying Guides:
 
Property for Sale l Home Information PacksFinding a Property Co-Buyer l Low Cost Home Ownership l Repossessed Property l  Property Auctions l Getting a Mortgage if you have Debts  l Inheritance Tax Planning l Investing in Rental Properties l Affordable Housing l Gifted Deposit    

Useful Web-sites:

www.hmrc.gov.uk

Newsletter

Free First Time Buyer Newsletter

Register

20 second poll - How optimistic are you?

Are properties in your area more expensive than they were a year ago?

Yes
No

Are you keener to buy a property now than you were this time a year ago?

Yes
No

Are the finance options for FTBs better now than they were a year ago?

Yes
No

Would it be better to wait until this time next year?

Yes
No

Would you ideally like to be able to buy your first home now?

Yes
No