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What is Stamp Duty or Land and Buildings Transaction Tax?

When you're buying a property or land in England and Wales, you have to pay stamp duty. This is a tax you have to pay if you buy a property or land worth over £125,000. The amount you need to pay depends on the purchase price of the house. It's higher for more expensive properties, rising to 12% for homes costing more than £1.5 million.

When you're buying a property or land in Scotland, you have to pay Land and Buildings Transaction Tax (LBTT). This is a tax to be paid if you buy a property or land worth over £145,000. Again, the amount you need to pay depends on the purchase price of the house, it is higher for more expensive properties, and rises to 12% for homes that cost £750,000.

To find out more, take a look at our home buying jargon buster (opens in a new window), our stamp duty page (opens in a new window) or our LBTT page (opens in a new window).