Stamp Duty is the tax that is paid when a property is purchased. The purchaser normally pays this tax to the seller via their solicitor. The amount of stamp duty tax due is dependent on the purchase price of the property.
|Property Price||Stamp Duty Rate|
|Up to £125,000||0%|
|Over £125,000 to £250,000||1%|
|Over £250,000 to £500,000||3%|
|Over £500,000 to £1,000,000||4%|
The first time buyers threshold was increased to £250,000 which means that NIL stamp duty paid for homes valued up to £250,000 for first time buyers only. This will last until 31st December 2011.
The stamp duty rate for homes valued over £1,000,000 was set to 5%.