Do you pay stamp duty in Scotland, Wales and Northern Ireland?

PM Liz Truss will axe stamp duty during this week’s mini-budget in a bit to help first-time buyers.

She has been working closely with Chancellor Kwasi Kwarteng for the past month and will unveil plans on Friday.

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Cutting the levy will encourage growth by allowing more people to move property and getting more first-time buyers on the housing ladder.

But who pays it now?

Do you pay stamp duty in Scotland?

In Scotland the Stamp Duty Land Tax is called Land and Buildings Transaction Tax (LBTT).

The LBTT rates rise and fall in line with property prices, with the first £145,000 of any property being tax-free.

For the next £105,000 – up to £250k – two per cent is added.

From that to £325,000, it is increased by five per cent, while £325,000 to £750,000 properties will see a further ten per cent added.

The remainder over £750k will see 12 per cent of it added on.

There are also additional fees for extra dwellings over the price of £40,000.

You can also use this LBTT calculator to figure out how much tax you’ll need to pay for both single and additional freehold residential property purchases in Scotland. You just need to enter the purchase price.

Stamp duty in Wales

Like in Scotland, stamp duty takes a different name in Wales – Land Transaction Tax (LTT).

Residential properties are also tax-free of LTT for the first £180,000 of the price – with 3.5 per cent added up to £250,000.

LTT rates gradually rise the more expensive the property is, with the maximum being 12 per cent for anything you pay over £1.5m.

If you are looking to add a property to your portfolio, these come with increased tax rates, including three per cent for anything up to £180,000.

Stamp duty in Northern Ireland and England

Chancellor Sunak’s plans for the stamp duty holiday will affect both England and Northern Ireland.

It sees a temporary change where home buyers will pay no STLD on the first £500,000 of the property – with it coming into effect on July 8.

This stamp duty holiday will last until March 31, 2021 and could save buyers up to £15,000.

If you are planning on selling your house, but purchase a new one first, you will likely have to pay a stamp duty due to it being a second home.

But you can reclaim this if you sell your current property within three years.

This post first appeared on thesun.co.uk