If you are about to close on your first real estate transaction, you might be taken by surprise when you find out that you are required to pay something called a "stamp duty land tax". This was introduced in its current form in the year 2003. Stamp duty is a tax on the purchase price of any piece of property you might decide to invest in.

 

Your real estate adviser should make you aware of key stamp duty information prior to your closing date. If, however, he or she doesn't do so, you may need to start asking questions and bringing-up the issue yourself. Stamp duty taxes are often hefty and, in more cases than not, take land buyers by surprise. As you read on, you will learn more about how stamp duty tends to impact first time buyers.

 

Do First Time Purchasers Have to Pay Less Stamp Duty Taxes?

 

As a general rule, individuals who are investing in property for the first time are not subject to the same stamp duty fees as those who already own real estate. This is because the government still wants to encourage home ownership. In essence, unless you are buying your new home jointly with someone who does own property already, you will not be required to pay stamp duty land tax at the time of closing. Speak to your realtor or find a good stamp duty blog to understand all of the details surrounding these regulations.

 

Where Are Stamp Duty Taxes Enforced?

 

As a first time buyer, you might not even know which nations have stamp duty land taxes. There are some countries that do not have stamp duty, but most do in some form or another. This guide is specifically geared towards those who reside in England and other countries within the British Isles. Australia and Canada both have stamp duty land taxes that are similar to those that are enforced in Great Britain.

 

Can I Get Help With Stamp Duty Mitigation?

 

If you discover that you are going to owe stamp duty fees, even though you are a first time buyer, you should look into stamp duty mitigation right away. There are a variety of agencies that exist solely to help people like you. You shouldn't have any trouble finding someone who can help you save money on stamp duty. There are both non-profit firms and legal offices that specialize in this area. Visit fiducia to learn more about stamp duty.