Stamp Duty for First Time Buyers
If you are a first time buyer buying a property for less than £300,000 you shouldn't pay any stamp duty.
First time buyers purchasing properties between £300,000 to £500,000 will also see a reduction in the amount of SDLT they pay, paying SDLT at 5% on the amount of the purchase price in excess of £300,000.
CURRENT STAMP DUTY RATES FOR FIRST TIME BUYER
Property or lease premium or transfer value |
SDLT rate |
| Up to £300,000 | Zero |
| The next £625,000 (the portion from £300,001 to £925,000) | 5% |
| The next £575,000 (the portion from £925,001 to £1.5 million) | 10% |
| The remaining amount (the portion above £1.5 million) | 12% |
EXAMPLE
If you buy a property for £350,000, the SDLT you owe is calculated as follows:
0% on the first £300,000 = £0
5% on the final £50,000 = £2,500
Total SDLT = £2,500
You can read the full Government paper on SDLT relief for first time buyers on the Gov.UK website.