Stamp duty is a tax that must be paid if you own property or land over a certain price in England or Northern Ireland.
However, the tax is different in Scotland and Wales: in Scotland, stamp duty was replaced by The Land and Buildings Transaction Tax in 2015, while in Wales it was replaced by the Land Transaction Tax in 2018.
In the last budget, chancellor Rishi Sunak announced a stamp duty holiday until September 2021, but will there be any discussion of stamp duty land tax in the autumn budget?
Here's what you need to know about the different taxes...
What is stamp duty land tax and where do you pay it?
Stamp duty land tax is applicable to England, while Scots pay The Land and Buildings Transaction Tax (LBTT) and people in Wales pay the Land Transaction Tax (LTT).
All three payments have a threshold where you begin to pay tax.
In England and Northern Ireland, the threshold for paying stamp duty land tax is £125,000 for residential properties and £150,000 for non-residential properties and land.
In Scotland, the residential threshold is set at £145,000 and £150,000 for non-residential land and property.
In Wales, the threshold is higher at £180,000 for residential properties and £225,000 for non-residential land and property.
It means that if you buy property or land under these prices in these countries, you will not be required to pay stamp duty land tax, LBTT or LTT.
What is a stamp duty holiday?
A stamp duty holiday was introduced in July 2020 and ended in September 2021 in England and Northern Ireland.
Scotland also introduced a LBTT holiday, while Wales brought in an LTT holiday.
This meant that threshold for those buying property and land was raised, but this was different depending on the country.
Between July 2020 and July 2021, those buying property below £500,000 in England and Northern Ireland did not have to pay any stamp duty.
Meanwhile, in Scotland, those buying property below £250,000 between July 2020 and March 2021 were not required to pay LBTT, and it was the same in Wales for LTT between July 2020 and July 2021.
The stamp duty holiday is now over however, meaning thresholds have reverted back to their original prices.
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