Stamp Duty is the tax you’re liable to pay when you buy a residential property, or a piece of land, that costs more than £125,000. Also known as Stamp Duty Land Tax, this fee is non-negotiable and a necessity when purchasing land or property. There are several rate bands so the amount of Stamp Duty you pay will vary with the cost of the property.
If you’re a first-time buyer, you won’t have to pay Stamp Duty on properties worth up to £300,000. If the property is worth more than that £300,000 then you’ll only pay Stamp Duty on the sum over that value. So, if you bought a house for £330,000, you’d only pay Stamp Duty on £30,000 and that would only be 5% up to £500,000. https://www.gov.uk/stamp-duty-land-tax
If it’s your second home, the Tax applies to property or land that costs more than £40,000 and you’ll have to pay another 3% in Stamp Duty in addition to the current rates. This does not apply to caravans, mobile homes or house boats.
Please note, these are the rates for England and Northern Ireland.
If you live in Scotland, you’ll pay Land and Buildings Transaction Tax.
If you live in Wales, you’ll pay Land Transaction Tax.
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