You must pay Stamp Duty Land Tax (SDLT) if you buy a property or land over a certain price in England and Northern Ireland.
The tax is different if the property or land is in:
- Scotland – pay Land and Buildings Transaction Tax
- Wales – pay Land Transaction Tax if the sale was completed on or after 1 April 2018
The current SDLT threshold is £125,000 for residential properties and £150,000 for non-residential land and properties.
There are different rules if you’re buying your first home. You get a discount (relief) that means you pay less or no tax if:
- you complete your purchase on or after 22 November 2017
- the purchase price is £500,000 or less
- you, and anyone else you’re buying with, are first-time buyers
You pay the tax when you:
- buy a freehold property
- buy a new or existing leasehold
- buy a property through a shared ownership scheme
- are transferred land or property in exchange for payment, eg you take on a mortgage or buy a share in a house
To find out more information on Stamp Duty Land Tax please click here