Radcliffe Gardens, Carlton, Nottingham

There are three rates of stamp duty land tax which could be applicable to the purchase of a property and are dependent on your circumstances.

If you are a first time buyer, then there no stamp duty to be paid on the first £300,000 of the purchase price of a property valued below £500,000.

If you are buying a property as a second home or investment, or you are retaining your current property whilst purchasing a new principal residence, you will be liable for a stamp duty surcharge of 3%. In the latter circumstance, the stamp duty surcharge payment is refundable if the property you have retained is sold within three years of your purchase date.

For more information, please visit: Money Advice Service