residential property} and have never owned a property in the UK or abroad before. If you qualify,no Stamp Duty will be payable,unless the property costs more than £300,000.

However if you are buying a property that costs £500,000,you will only pay Stamp Duty on the £200,000 over the threshold. This can greatly reduce the costs of purchasing a home and will save you a fair amount of money. However,you must understand that if the property costs over £500,000,you will not qualify for first time buyer’s relief.

When Do You Have To Pay The Tax?

When you buy a property,you will have to fill in a Stamp Duty Land Tax return. The amount that you owe has then to be paid within 30 days of the purchase being completed. If you do not submit the return and pay the tax within 30 days,HMRC could charge you interest and penalties.

If you are in the process of buying a home,then please do see our -