Stamp Duty explained and how it differs in Scotland as Tories pledge to scrap 'bad tax'

Comments

View 4 Images

Purchasing a home comes with jargon that can be difficult to understand, especially for those new to the property market. Indeed, both first-time buyers and those not financially clued up can find the terminology quite bewildering. ‌

Stamp Duty is no exception. This week, the Conservative Party pledged to scrap Stamp Duty, with leader Kemi Badenoch during her party conference speech describing it as a "bad tax" that puts a drag on the housing market. ‌

Ms Badenoch told the Tory faithful "we must free up our housing market, because a society where no one can afford to buy or move is a society where social mobility is dead." ‌

The small print later revealed it would only be axed for people's primary residences in England and Northern Ireland - and woul