*This information is applicable in England, Wales, and Northern Ireland. In Scotland there is the Land and Building Transaction Tax, which differs slightly.
Stamp Duty, another one of the ever growing additional costs of buying your own home. It’s been around since 1694, and it isn’t going anywhere soon.
With it becoming more and more difficult for first time buyers to front the costs of buying a home, some recent changes have been announced to try and lessen the burden.
Before you can understand the changes, we must first establish the basics. So first things first, what is Stamp Duty?
Stamp Duty is a tax on any property, to be paid upfront when purchased. The amount of Stamp Duty payable is a percentage that is worked out based on the value of the property. The higher the price, the higher the Stamp Duty.
On November 22nd 2017, however, changes were announced in a bid to encourage more first time buyers.