Remember, if you're a first-time buyer, you won't pay stamp duty tax on a property priced at or below £300,000. If you're buying a home priced at or below £500,000, you'll pay 5% on the amount you spend between £300,001 and £500,000. For a home priced over £500,000, the standard rates of stamp duty will be payable as you won't qualify for first-time buyers' relief.

* When purchasing an additional property, the stamp duty rate of 3% will be payable for properties priced between £40,001 and £125,000. You usually pay an extra 3% on top of the normal stamp duty rates if you're buying a holiday home or a second home.

For more details on all residential property stamp duty rates, visit gov.uk.

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