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New stamp duty and what you will pay

The new stamp duty rules came into effect last November but many are still unsure of what they need to pay.

Here are the stamp duty rules – and what you will pay:
The first thing to note is there are big differences between the rules for first-time buyers and everyone else.

First-time buyers
You are eligible for stamp duty relief if you, and anyone else you are buying with, is also a first-time buyer.

What you pay:
£300,000 = £0 duty
£400,000 = £5,000 (5% of £100,000)
£500,000 = £10,000 (5% of £200,000)
NB: Rules are also different in Scotland and Wales.

For Existing Homeowners

What you pay:
Up to £125,000 = £0 duty
£150,000 = £500 (2% of £25,000)
£250,000 = £2,500 (2% of £125,000)
£700,000 = £25,000 (2% of £125,000, plus 5% of £450,000)