If you’re a first-time buyer, you’ll be able to benefit from some stamp duty relief on properties up to the value of £500,000.

If you buy a home up to the value of £300,000, you won’t have to pay any stamp duty at all.

If your property costs between £300,000 and £500,000, you won’t have to pay anything on the first £300,000, but you’ll have to pay a rate of 5% for the remaining portion.

For example, on a property that costs £450,000, your stamp duty would be:

• The first £300,000 x 0% = 0%

• The remaining £150,000 x 5% = £7,500

Total stamp duty = £7,500

To be eligible to receive this discount, you’ll need to meet the following criteria:

• All parties involved in purchasing the property must be first-time buyers

• Your property can’t exceed a value of £500,00

If you’re a first-time buyer and the property you’re buying is over £500,000, you’ll be required to follow the standard rate bands.