In England, very few buyers are fully exempt from Stamp Duty. Instead, most people either fall within a 0% tax band or qualify for specific relief. First-time buyers pay 0% Stamp Duty on the first £300,000 of a property purchase, provided the total price does not exceed £500,000. If the purchase price is above £500,000, first-time buyer relief does not apply.
No Stamp Duty is due if the purchase price falls below the standard nil-rate threshold. Certain transfers, such as property passed through inheritance or some transfers following divorce or separation, may also not trigger Stamp Duty depending on the structure of the transaction.
Stamp Duty rules differ in Scotland and Wales, where separate property tax systems apply. Eligibility depends on the type of transaction and property value.
Check out the GOV website for up to date details about stamp and land duty tax.
Your home may be repossessed if you do not keep up repayments on your mortgage.