Stamp duty
Stamp duty is a tax paid when you buy property. In England and Northern Ireland it is called Stamp Duty Land Tax; Scotland and Wales have their own taxes.
Also known as: Stamp Duty Land Tax, SDLT, LBTT, land transaction tax
The amount depends on the price, whether you are a first-time buyer or buying an additional property, and where you are buying. Rates and thresholds change, so use the official calculators on GOV.UK, Revenue Scotland or the Welsh Revenue Authority.
Your solicitor normally pays the tax on completion, so you need to have the money ready.
An authorised mortgage adviser can explain how this applies to your circumstances, and MoneyHelper offers free guidance. Your home may be repossessed if you do not keep up repayments on your mortgage.
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