You must pay Stamp Duty Land Tax (SDLT) if you buy a property or land over a certain price in England. The current SDLT threshold for residential properties is £250,000. This changes on 1 October 2021. If you buy a property for less than this threshold, there’s no SDLT to pay, but you may still need to send an SDLT return for the transaction. From the 1 October 2021 the new threshold will be £125,000.
You can calculate how much Stamp Duty you will have to pay using the government Stamp Duty Calculator.
From 1 July 2021, you’ll get a discount (relief) that means you’ll pay less or no tax if both the following apply:
- You, and anyone else you’re buying with, are first-time buyers
- The purchase price is £500,000 or less