ANYONE moving house, or considering a purchase, will need to consider yet another cost on the list – stamp duty.
The tax has undergone a number of revision in recent months.
But if you’re thinking of moving home, it is one of the costs to consider.
In September, some cuts were made to how much stamp duty home-buyers will pay in England and Northern Ireland.
And in October, changes were made to the amount you’ll pay if you’re buying a home in Wales.
The amount of stamp duty you might pay varies, depending on where you live, and if you’re a first-time buyer.
In England or Northern Ireland, you won’t have to pay any stamp duty if you’re buying a first home priced up to £425,000.
If you’ve owned a home in the past, you’ll pay stamp duty on the portion over £250,000.
The percentage of stamp duty you’ll pay is also based on the price bracket your home falls into.
And if you know the cost of the home you’re buying, you can work out exactly how much stamp duty you’ll pay using our stamp duty calculator.
In Wales, buyers pay Land Transaction Tax (LTT), and first-time buyers pay the same amount as other home-buyers. No LTT is payable on homes priced up to £225,000.
Land and Buildings Transaction Tax (LBTT) is payable in Scotland.
Homes priced up to £145,000 are exempt from LBTT.
If you’re a first-time buyer, you can apply for first-time buyer relief, and won’t pay LBTT on a home costing less than £175,000.
This could reduce your LBTT payment by up to £600.