Stamp Duty is the goverment tax you pay when you have a property in the UK over a certain price.
Philip Hammond announced the immediate abolition of stamp duty for all properties up to £300,000 bought by first-time buyers with immediate effect as part of a range of measures designed to address the UK’s housing crisis. The move will save four out of five first-time buyers up to £5,000.
The normal Stamp Duty still applies to everyone else:
0% Stamp Duty Tax Payable
£125,001 - £250,000
2% Stamp Duty Tax Payable (on the portion from £125,001-£250,000
5% Stamp Duty tax payable (on the portion from £250,001 - £925,000)
£925,001 - £1.5million
10% Stmap Duty tax payable (on the portion from £925,001 - £1.5million)
12% Stamp Duty tax payable (on the portion above £1.5million)
£125,000 = No Stamp Duty
£150,000 = £3500 Stamp Duty
£175,000 = £1000 Stamp Duty
£200,000 = £1500 Stamp Duty