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Stamp Duty

Stamp Duty

Stamp DutyDreaming of buying your first home? Well, it just got a little bit easier thanks to the Autumn 2017 Budget that first time buyers no longer have to pay Stamp Duty in England. This could save you thousands, so let’s have a closer look…

What is Stamp Duty?

Stamp Duty is the tax charged by the Government when you buy a home. The rate at which you'll pay the tax varies based on the price you pay for your new property.  

As a First Time Buyer, someone who has never owned a property or has not owned a primary residence for 3 years, there's no Stamp Duty on homes up to the value of £300,000, which could save you anywhere up to £5,000. If you're buying one of our homes between £300,000 - £500,000 you will pay 5% on the amount of the purchase price in excess of £300,000.

For example: On a purchase price of £350,000, you’ll pay 0% on the first £300,000 and then pay 5% on the remaining £50,000 – that’s total of £2,500 in Stamp Duty to pay!

Unsure on what to pay? Calculate your Stamp Duty here.

What if I live in Wales?

From the 1st April 2018 first time buyers in Wales will lose the exemption from Stamp Duty. It will be replaced by a new Land Transaction Tax and new tax rate bandings have been introduced. The higher zero tax threshold of £180,000 should benefit many first time buyers in Wales.

Please visit www.gov.uk/stamp-duty-land-tax or speak to a Sales Consultant for more information.

 

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St. Modwen Homes Limited. Head office & Registered Office: Park Point, 17 High Street, Longbridge, Birmingham, B31 2UQ. Company Registration: England & Wales 9095920