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 - £125,000 0% payable
£125,001 - £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.

Useful Web-sites:

www.hmrc.gov.uk

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