Buying a house is stressful enough, especially if it's your first house. This is why it's important to not get caught out by any surprise costs like Stamp Duty. It's absolutely vital to find out how much is stamp duty, and in this blog we have all the information you'll need.
A common misconception among a lot of people is that Stamp Duty, or Stamp Duty Land Tax, to give it it's proper title, is a tax on the property you are buying, it's not. Instead it's a tax on some important documents you wouldn't be able to complete the purchase without.
The good news if you're a first time buyer is that the Government has you covered at the moment, as they've extended the threshold before which First Time Buyers have to pay Stamp Duty Land Tax to a figure of £250,000. Normally, you'd have to pay 1% of the value of the home on this home.
The rates for Stamp Duty in the UK are as follows: Up to £125,000 = Zero, Over £125,000 to £250,000 = 1%, Over £250,000 to £500,000 = 3%, Over £500,000 to £1 million = 4%, Over £1 million = 5%.
Working out the Stamp Duty Land Tax you'll have to pay on a property couldn't be easier, simply put all of your details into an online Stamp Duty Land Tax Calculator, and let it do all of the hard work. You can find a brilliant calculator here - http://www.thisismoney.co.uk/stamp-duty-homes-calculator.