Stamp Duty Tax in England
When you buy a property in England, you usually pay tax on it, known as 'Stamp Duty'.
Stamp duty can add thousands of pounds onto a homebuyer's costs, but Legal and General Homes is here to help you understand and calculate the cost depending on whether this is your first, next or an additional property, and depending on the price of the property you hope to buy.
The reduction in Stamp Duty rate will apply to England and Northern Ireland only.
The government has announced a cut to Stamp Duty Tax, meaning you could save on your move.
The threshold at which the tax falls due has been raised to £250,000 (from £125,000).
Meanwhile the threshold for first-time buyers has been increased to £425,000 (from £300,000).
The value of the property on which first-time buyers can claim Stamp Duty relief on has risen to £625,000 (from £500,000).
If you already own a home and are buying an additional property, you will pay Stamp Duty at a different rate. Different rates apply in Scotland under the Land and Buildings Transaction Tax, and in Wales with the Land Transaction Tax.