Additionally, when purchasing a property, the UK government levies Stamp Duty Land Tax (SDLT, commonly known as just 'stamp duty') on homes over the value of £125,000. The Stamp Duty payable is referenced to the price of the house, splitting the levies due into percentages of the value increments of the house. Stamp Duty is eliminated on properties £300,000 or under for first-time buyers, and if the value of the property for a first-time buyer exceeds this, they pay a percentage of the amount that is over the £300,000 maximum value.