Stamp Duty (this is a tax you might have to pay when buying a property or a piece of land).
Right now, homebuyers in England and Northern Ireland pay Stamp Duty when they purchase a property that costs more than £250,000, or £425,000 if you’re a first-time buyer. *Rates differ if you own more than one property. The rate of Stamp Duty tax you pay depends on the property price, and if you’re a first-time buyer. Stamp Duty is broken down into bands with each band having a different rate of tax, but you only pay the tax on the portion of your property’s value that’s over the threshold.
From 31 March 2025 the amount of stamp duty you pay will rise. The general nil rate band will reduce from £250k to £125k therefore when purchasing a property valued at £250k there is currently no tax bill liability however from 31 March 2025 as a non-first time buyer this will attract a stamp duty bill of £5000. A further 5% will be payable on properties priced between £250,001 and £925,000.
Similarly First Time Buyers currently do not pay stamp duty on properties priced up to £425,000. From 31 March 2025 on the same property you will be liable to pay £6250 in stamp duty.
*If you own more than one property your liability is higher.
As always get in touch with the team where we will be more than happy to discuss.