Residential property} and have never owned a property in the UK or abroad before. If you qualify,no Stamp Duty will be payable, unless the property costs more than £300,000.
On the other hand if you are buying a property that costs £500,000,you will only pay Stamp Duty on the £200,000 over the threshold. This can really reduce the costs of purchasing a home and will save you a fair amount of cash. However,you must understand that if the property has a value of over £500,000,you will not qualify for first time buyer’s relief.
When Do You Have To Pay Stamp Duty?
When you purchase a property,you will have to fill in a Stamp Duty Land Tax return. The amount that you owe will then have to be paid within 30 days of the purchase being completed. If you do not submit the return and pay the tax within 30 days,HMRC could charge you interest and penalties.