Stamp duty deadline explained - and how much more it could cost you to move

STAMP DUTY IS A TAX THAT SOMETIMES HAS TO BE PAID WHEN YOU BUY A PROPERTY, DEPENDING ON HOW MUCH THE PROPERTY IS WORTH, IF YOU’RE A FIRST-TIME BUYER, AND IF THE PROPERTY YOU'RE BUYING

WILL BE YOUR MAIN HOME 12:07, 27 Feb 2025Updated 13:58, 28 Feb 2025 Thousands of property buyers are rushing to complete their purchase before a major stamp duty change comes into force.

Stamp duty is a tax that sometimes has to be paid when you buy a property. It all depends on how much the property is worth, if you’re a first-time buyer, and if the property you're

buying will be your main home, or if you're purchasing is a second home. There are also different stamp duty rates England, Scotland, Wales or Northern Ireland. Under current rules in

England and Northern Ireland, you have to pay stamp duty if your property is your only residence and is worth over £250,000. This higher rate was introduced in September 2022 but it is due

to go back down to its previous level of £125,000 from April 1. This means the last day to complete on a house sale before stamp duty changes is March 31. If you're a first-time buyer

in England and Wales, you start to pay stamp duty if the property you're buying is worth over £425,000 - but this will go back down to £300,000 from April 1. WILL CHANGES TO STAMP DUTY

AFFECT YOUR PROPERTY SALE? LET US KNOW: [email protected] READ MORE: Is New Look closing down? Everything we know as 26 stores shutting for goodREAD MORE: Millions of UK

workers should check payslip now to see if they're due HMRC refund It is estimated that 74,000 buyers in England will miss the stamp duty deadline, according to property website

Rightmove. You pay stamp duty based on the portion of the property value where it applies. For example, under the current rules, if you're buying a property worth £350,000 and

you're not a first-time buyer, you wouldn't pay any stamp duty on the first £250,000. Article continues below You would then pay 5% on the part that is worth between £250,001 and

£350,000, which is the equivalent of paying 5% of £100,000. The current stamp duty bill on a property worth £350,000, for someone who isn't a first-time buyer, would be £5,000 - but

after April 1, it would jump to £7,500. This is because you would only pay zero stamp duty on the first £125,000, then you would pay 2% on the part that is worth between £125,001 and

£250,000 (equivalent to paying 2% on £125,000) and 5% between £250,001 and £350,000 (equivalent to paying 5% on the remaining £100,000). On a property that is worth £500,000, the current

stamp duty bill would be £12,500 - but this will jump to £15,000 from April 1. If you're a first-time buyer and you're purchasing a property worth £350,000, you wouldn't pay

any stamp duty right now - but after April 1, you would pay £2,500. You need to pay stamp duty within fourteen days of buying a property. Your solicitor will help you pay your stamp duty

bill, although you can also do it yourself online. It is also possible to add stamp duty to your mortgage if your lender agrees to let you do this - but keep in mind, this can affect your

affordability and means you'll be borrowing more, which will increase how much you pay back in interest over time. HOW IS STAMP DUTY CHANGING? HERE ARE THE CURRENT STAMP DUTY RATES IN

ENGLAND AND NORTHERN IRELAND THAT WILL REMAIN IN PLACE UNTIL MARCH 31, 2025: * Purchase price - UP TO £250,000 (£425,000 FOR FIRST-TIME BUYERS); Rate for main residence - 0% * Purchase price

- £250,001 TO £925,000; Rate for main residence - 5% * Purchase price - £925,001 TO £1,500,000; Rate for main residence - 10% * Purchase price - £1,500,000 AND ABOVE; Rate for main

residence - 12% HERE IS HOW STAMP DUTY RATES WILL CHANGE IN ENGLAND AND NORTHERN IRELAND FROM APRIL 1, 2025: * Purchase price - UP TO £125,000 (£300,000 FOR FIRST-TIME BUYERS); Rate for main

residence - 0% * Purchase price - £125,001 TO £250,000; Rate for main residence - 2% * Purchase price - £250,001 TO £925,000; Rate for main residence - 5% * Purchase price - £925,001 TO

£1,500,000; Rate for main residence - 10% * Purchase price - £1,500,000 AND ABOVE; Rate for main residence - 12% First-time buyers currently only benefit from reduced stamp duty rates if

they buy a property worth £625,000 or less. This will reduce to £500,000 from April 1. STAMP DUTY IN SCOTLAND AND WALES STAMP DUTY IS KNOWN AS LAND AND BUILDINGS TRANSACTION TAX IN SCOTLAND

AND THE FOLLOWING RATES APPLY: * Purchase price - UP TO £145,000 (£175,000 FOR FIRST-TIME BUYERS); Rate for main residence - 0% * Purchase price - £145,001 TO £250,000; Rate for main

residence - 2% * Purchase price - £250,001 TO £325,000; Rate for main residence - 5% * Purchase price - £325,001 TO £750,000; Rate for main residence - 10% * Purchase price - £750,000 AND

ABOVE; Rate for main residence - 12% IN WALES, STAMP DUTY IS KNOWN AS TRANSACTION TAX AND THE CURRENT RATES ARE APPLIED TO PROPERTY PURCHASES: Article continues below * Purchase price - UP

TO £225,000; Rate for main residence - 0% * Purchase price - £225,001 TO £400,000; Rate for main residence - 6% * Purchase price - £400,001 TO £750,000; Rate for main residence - 7.5% *

Purchase price - £750,001 TO £1,500,000; Rate for main residence - 10% * Purchase price - £1,500,000 AND ABOVE; Rate for main residence - 12% READ MORE: New Look's £33 suede-look

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