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
|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%|
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.