Frustratingly, we pay tax on just about everything we buy and that includes homes. The stamp duty rate ranges from 5% to 12% of the purchase price, depending upon the value of the property bought, the purchase date and whether you are a first-time buyer or own multiple homes.

Luckily, those buying their first home can claim a discount, which differs depending on when you purchase the property. From 1st April 2025, first-time buyers won't pay Stamp Duty Land Tax (SDLT) on homes up to £300,000 and will pay 5% SDLT on the portion from £300,001 to £500,000. You can use the UK government's Stamp Duty Land Tax calculator to work out how much you might need to fork out.

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