Wojciech

Diploma for Financial Advisers
Diploma in Accounting
Member of London Institute of Banking and Finance

If you are a first-time buyer, you might be wondering, “Do I pay stamp duty first time buyer?” The answer depends on the price of the property you want to buy.

In the UK, first-time buyers can get a relief on stamp duty. This means you won’t have to pay stamp duty on properties worth up to £425,000. If the property costs between £425,000 and £500,000, you will only pay stamp duty on the amount above £425,000.
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For example, if you are buying a property for £400,000, you won’t need to pay any stamp duty. But if the property is worth £450,000, you would only pay stamp duty on the £25,000 difference.

This relief is designed to make it easier for first-time buyers to get onto the property ladder. It’s important to check the latest government rules, as they can sometimes change.

If you have more questions about stamp duty or need help with your property purchase, it’s a good idea to speak with a financial expert who can guide you through the process.