Stamp Duty
This is a tax paid by you when you buy a property worth £125,001 or more. The amount you pay will depend on the value of the property you’re buying.
With effect from 24/3/2010 (the Budget 2010) the Government introduced a scheme where First Time Buyers won’t have to pay stamp duty on properties worth £250,000 or less. At the time of printing it is not clear how long this scheme will last.
| Residential Property-Purchase Price | Rate of Stamp Duty |
|---|---|
| Up to £125,000 | 0% |
| £125,001 - £250,000 | 1% |
| £250,001 - £500,000 | 2% |
| £500,001 or more | 4% |
| Over £1Million | 5% |