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Stamp duty – the tax charged on property transactions – would be scrapped for primary residences under a new Conservative government, Kemi Badenoch has pledged.

The Tory leader told delegates at the party conference in Manchester “stamp duty is a bad tax, it is an un-Conservative tax… The next Conservative government will abolish stamp duty on your home”.

The levy raised £11.6bn for the Government in the 2023-24 financial year, down by almost £4bn on the previous financial year.

Chancellor Rachel Reeves neglected to extend a stamp duty discount introduced by Liz Truss during her premiership, adding thousands to the cost of moving home from April 1.

Telegraph Money’s updated stamp duty calculator shows how much home buyers would save if the tax was abolished on primary homes. However, those buying second homes would still pay tax on the purchase.

How to use this calculator

How it works

What is this calculator useful for?

You may incur stamp duty when buying property, but the rates you pay – and if you pay at all – depend on whether it is your first property purchase or whether it is a second home or investment property.

Usually this tax is paid via a solicitor, but you can pay directly online or through a bank. It is also possible to add stamp duty to a mortgage used to buy your home, but over the long-term this can prove to be expensive.

Rates and thresholds are different for properties in Scotland and Wales.

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For instance, a £600,000 purchase of a main residence now costs £20,000 in stamp duty since the change in April.

First-time buyers are affected even worse. Someone completing on a property for the first time costing £600,000 will pay £11,250 more than they would have done previously. Before April 1, properties were exempt from stamp duty on the first £425,000, but this has now dropped to £300,000.

Enter the value of the property you’re purchasing, and select the “Yes” or “No” buttons indicating whether you’re a first-time buyer (that is, have you ever owned a property or part of a property before), and whether this will be a second property (that is, in addition to the property you live in).

If you’re intending to use the property as a second home, holiday home or to rent out, then select “Yes” to the second property question.

Hit the “Calculate” button to see your results.

This calculator works by factoring in the property’s value and your buyer status to show how much stamp duty you’ll owe if you were to buy it.

Further down the calculator results, you’ll see how much stamp duty you’ll owe divided into each tax bracket.

This calculator can quickly help you see how much stamp duty you’ll need to pay for a property purchase, which could be useful when budgeting for a move or investment.

It also shows the difference the current stamp duty reliefs will make, which could be useful if you’re not sure about whether to buy a property in the next few months or later next year.

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