The majority of people will need to pay Stamp Duty Land Tax (SDLT) if you’re buying a house over £125,000 in England, Wales and Northern Ireland. If you’re in Scotland it’s known as Land and Building Transaction Tax, and this applies to purchases over £145,000.
Changes to the system after the Budget announcement in November 2017, mean that there are now different rules if you’re buying your first home. So, first-time buyers will now be exempt from stamp duty on the first £300,000 of homes worth up to £500,000 (and only 5% on any proportion between £300k and £500k) – in England, Wales or Northern Ireland.
Whether the property you're interested in is leasehold, freehold or shared ownership, it's likely that stamp duty will come up on your radar at some point. Even if you're buying the property outright without a mortgage, you're still liable for stamp duty, though if you've inherited the home, you'll pay inheritance tax instead.