What is Stamp Duty?
When purchasing a property or land over a certain value in England, Wales and Northern Ireland, you are required to pay Stamp Duty. Stamp Duty is no longer payable in Scotland.
Your solicitor will ensure the payment is made at the time of completion of your purchase.
The amount to be paid depends on the value of the property you are purchasing. Temporary changes have been made to stamp duty from 8th July 2020 to 31st March 2021. To get the latest guidance on this click here.
Follow this guide:
- Find out how much Stamp Duty you will be required to pay by clicking here.
- You will need to provide the following information:
- Whether you are purchasing a freehold or leasehold property.
- Whether you are purchasing a residential or non-residential property.
- The date you anticipate purchasing the property.
- Whether your circumstances are owning one or more properties.
- If this is your first home, you would select no.
- If you are buying an additional property, you would select yes.
- Enter the price of the property are you planning to purchase.
- You will then be given a figure for Stamp Duty to be paid at completion.
In some situations, you may be exempt or you may be eligible for relief from paying Stamp Duty. For guidance click here.