When you buy a home in the UK, the government will charge a tax. In England and Northern Ireland this charge is called Stamp Duty Land Tax (SDLT).
The amount you pay is dependent on the value of the property you purchase and when you choose to buy it.
If your new home is worth more than £500,00, and you buy before 1st April 2021, you will only start to pay stamp duty on the amount that you pay for the property above £500,000.
These rates apply whether you are buying your first home or have owned property before.Learn more about Stamp Duty
Within 14 days of completion, you will need to send an SDLT return to HMRC and pay the tax within 14 days of completion.
Your solicitor will usually do this for you on the day of completion and add the amount to their fees.
Alternatively, you can file a return and pay the tax yourself.
You can learn more about the most recent Government guidance on Stamp Duty Land Tax here.