Home Toggle the property search Toggle the site navigation Stamp Duty Created for Living Image Breadcrumb Home Stamp Duty Find out more about Stamp Duty Land Tax and what that means for your new home purchase. Stamp Duty savings! In July 2020, the Government announced some changes to Stamp Duty Land Tax thresholds meaning there would be savings on all property purchases, regardless of whether you're a first time buyer or have previously owned a property. Image Image What is Stamp Duty? Stamp Duty Land Tax (SDLT) is a fee, charged by the Government, when you buy a new residential home in England, whether brand new or pre-owned. Your solicitor will usually calculate and pay your stamp duty on your behalf, although this is also something you can do yourself. ...when the Stamp announcement was made we knew it was a once-in-a-lifetime chance to buy a home and save some money in the process. Daniel and Yric, Buyers at Harrow One How much will I have to pay? From 1 July to 30 September 2021, you will not have to pay Stamp Duty on properties costing up to £250,000. If you’re a first-time buyer, you will pay no Stamp Duty on properties costing up to £300,000, and a discounted rate, up to £500,000. From 1 October, you will pay Stamp Duty on properties costing more than £125,000 for residential properties. If you’re a first-time buyer, you will pay Stamp Duty on properties over £300,000. Image Image Do you already own a home? If this isn't your first home and you're buying as an investment property, you can expect to pay higher rates. This usually means that an extra 3% is added to the standard stamp duty tax bands on properties costing more than £40,000 at the relevant rate at that time. This tax applies to both freehold and leasehold properties – whether you’re buying outright or with a mortgage. Investors, or those purchasing a second home, still qualify for savings following the Government offering stamp duty relief and will currently pay only 5% on properties ranging from £500,000 to £925,000 compared to 8%. Example If buying a property for £600,000: Until 30th June 2021 - £23,000 From 1st July 2021 - £38,000 Overseas buyer? From 1 April 2021, if you’re a non-UK resident buying a residential property in England or Northern Ireland, you will have to pay an additional 2% on top of the existing Stamp Duty rates for properties costing more than £40,000. Find out more about rates of Stamp Duty for non-UK residents on the GOV.UK website. Image Image Image Image Image Image Image Back to top Image /* ><!--*/ <!--/*--><![CDATA[/* ><!--*/ .cls-1{fill:#af6f4d;} /*--><!]]>*/ /*--><!*/ Image Image Image Search About Hill Buying from us About us Partnerships Land Commercial SoloHaus Legal Privacy & cookies Terms & conditions Accessibility statement Modern slavery act Tax strategy Gender pay gap report Follow us View Hill on Facebook View Hill on Instagram Image Disclaimer Please note: Plot images are indicative only Copyright ©2021 Hill Group. All Rights Reserved.