Stamp Duty is a tax you could have to pay if you buy a residential property or a piece of land in England and Northern Ireland.
Up until 30th June 2021 if you buy a home in England or Northern Ireland you will pay a reduced rate of Stamp Duty Land Tax (SDLT)
You will pay no Stamp Duty if the amount you pay for your main home is under £500,000
This will apply whether you are a first-time buyer or have previously owned a property
If you are buying a second property or additional properties you will still have to pay an extra 3% in Stamp Duty on top of the revised rates for each band
There are several rate bands for Stamp Duty:
If you are buying an additional property, such as a second home or certain buy-to-let properties, you’ll still have to pay an extra 3% in Stamp Duty on top of the revised rates for each band up until 30 June 2021.
This increased rate applies to properties bought for £40,000 or more. It does not apply to caravans, mobile homes or houseboats.
You must have completed your property purchase by 30 June 2021 to qualify for the revised rates on Stamp Duty.