Laws relating to stamp duty for first-time buyers
New laws have been introduced that have seen stamp duty abolished in England and Northern Ireland for first-time buyers on home purchases of up to £300,000. In these countries, first-time buyers will pay 5% on properties that cost from £300,001 up to £500,000, and the standard rate on anything over £500,000.
For example: If your home costs £280,000, you pay no stamp duty. If your home costs £325,000, then you pay nothing on the first £300,000, and 5% on the remaining £25,000 (as £25,000 of your purchase price falls into the 5% band). Total stamp duty to pay: £1,250.