Stamp Duty

Budget 2017 update: major stamp duty savings for first-time buyers. The 2017 Budget has been revealed and it's opened doors for first-time buyers. On property purchases up to £500,000, there is no Stamp Duty to pay on the first £300,000 and only 5% on the next £200,000, owning your new home could be closer than you think.

What is Stamp Duty? 

Stamp Duty is the tax charged by the Government when you buy a home. For first-time buyers in London no Stamp Duty is payable on the first £300,000 and only 5% on the next £200,000, when purchasing a property up to £500,000. Homeowners need to start paying Stamp Duty from £125,000.

Why do we have to pay it?

When you buy a property the change in land ownership has to be legally registered at the Land Registry. This process requires a certificate from the HMRC – which they will only issue on receipt of the Stamp Duty due on the purchase of the property. So, put simply, if you don't pay the Stamp Duty, you can't buy your new home. Luckily, you don't have to worry about it as it’s one of the things your solicitor takes care of.

How much is Stamp Duty?

Stamp Duty rates are paid on a sliding scale based on the property price within each tax band.

Stamp Duty payable in London - first-time buyers up to £500,000:

Purchase Price

Stamp Duty %

£0 - £300,000

0% (Zero)

£300,000 to £500,000

5%

Stamp Duty payable in London - first-time buyers purchasing over £500,000 and existing homeowners:

Purchase Price

Stamp Duty %

0 – £125,000

0% (Zero)

£125,001 to £250,000

2%

£250,001 to £925,000 

5%

£925,001 to £1.5 million

10%

More than £1.5m

12%

On selected Barratt London homes, we will make a contribution towards Stamp Duty.

To find out more about this offer and which plots are eligible, please call our Sales Advisers on 0844 854 7766.

Terms and Conditions on Stamp Duty savings offer:

  • Limited availability, selected plots only and applies to new sales. Offer is to pay the purchaser's actual liability for normal Stamp Duty Land Tax (SDLT).
  • The offer excludes incremental higher rates (3%) on top of normal Stamp Duty rates if buying a new residential property means you will own more than one home.
  • We reserve the right to withdraw the offer at any time.

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