Will I have to pay stamp duty?

Stamp duty is a government tax on properties worth over £120,00. If the property costs between £120,00 and £250,00 the stamp duty is 1% of the property price. Properties worth £250,00 to £500,00 are taxed at 3% and those over £50,000 at 4%. If the property is a residential in an area classified as disadvantaged by the government no Stamp Duty Land Tax is payable if the property price is £150,000 or less. This is known as Stamp Duty Land Tax Exemption.