Stamp duty explained

Stamp duty explained

How much stamp duty will I need to pay?

In England and Northern Ireland, first-time buyers purchasing shared ownership properties costing up to £500,000 are now subject to the stamp duty relief available to other first time buyers. Previously, they still had to pay the tax even though all other first-time buyers were exempt on the first £300,000 on properties valued at up to £500,000 – a change which came into effect from the previous Budget last November.
Properties valued up to £300,000 are exempt from Stamp Duty Land Tax, 5% is then payable on any value above £300,000 up to and including £500,000.

This means that you will pay:

  • 0% on the first £300,000
  • 5% on the remainder up to £500,000

If the purchase price is more than £500,000 you can’t claim the relief and must pay the standard rates on the total purchase price.

Who is eligible for Stamp Duty relief?

How does it work?

Joint ownership and Stamp Duty relief

How to pay Stamp Duty

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