First-time buyers paying £300,000 or less for a residential property will no longer pay stamp duty land tax (SDLT). For purchases up to £500,000, SDLT at 5% will be payable on the excess above £300,000.
The comparable rates for non-first-time buyers are 0% up to £125,000; 2% from £125,001 to £250,000, 5% from £250,001 to £925,000.
You’ll usually have to pay 3% on top of the normal SDLT rates if buying a new residential property that means you’ll then own more than one.
As with all of our tax tips and web pages this information is necessarily summarised and of a general nature. If you would like detailed specific advice please contact us.