You can avoid stamp duty on a house purchase
FOR first time buyers being able to avoid paying stamp duty on a house can be a helping hand to get on the property ladder.First time buyers don't pay stamp duty on houses worth up to £300,000If you are buying a house in England or Northern Ireland you have to pay a tax on the cost of the property called stamp duty.The amount of tax that you pay depends on how much money the property costs.Figuring out how much stamp duty you have to pay on a new house can be complicated.
You need to pay stamp duty within 30 days of purchasing your home, otherwise the government may charge you penalties and interest on top.Even if your home is worth under £125,000 and you don't pay any stamp duty you still need to fill in a SDLT form.Thankfully, first time buyers don't have to pay stamp duty on properties valued up to £300,000.
Although the £300,000 tax free is a big help, first time buyers will still have to pay stamp duty on the value of the property over that amount. The same rates of stamp duty and their equivalents in Scotland and Wales apply if your are buying land rather than a house.
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