PUBLISHED: PUBLISHED: 04:01, Fri, Nov 8, 2019
From the deposit for a mortgage to moving costs, buying a new house can be expensive. On top of that, buyers will need to pay Stamp Duty Land Tax (SDLT) if their property or land is over a certain price in England and Northern Ireland - unless they qualify for relief and don’t need to pay the tax.
Currently, the SDLT threshold for residential properties is £125,000.
When purchasing non-residential land and properties, the SDLT threshold is £150,000.
How much a person pays in SDLT depends on a number of factors.
If the land or property is residential, a person may be able to reduce the amount of tax they pay by claiming relief.
READ MORE: How Stamp Duty is calculated: How to work out how much you will pay on your new home
Stamp Duty Land Tax: Some people may be able to claim first-time buyers relief (Image: GETTY)
First-time buyers can get SDLT relief for first-time buyers.
This means that if the buyer is purchasing their first home, they can get a discount meaning they could pay less or no tax.
This is provided they completed the purchase on or after November 22, 2017, the purchase price is £500,000 or less, and all of the buyers involved in the purchase are first-time buyers.
In this situation, buyers will pay no SDLT on the first £300,000 of the