Stamp Duty is the tax you pay when you buy property.
Alistair Darling, the Chancellor of the Exchequer has announced today (as at 2 September 2008) that stamp duty land tax will not apply to purchases of residential properties costing £175,000 or less.
These new thresholds introduced from 3 September 2008 mean that if you buy property and the purchase price is £175,000 or less you will not pay any Stamp Duty Land Tax.
Should the property be greater than £175,000 you will pay between one and four per cent of the whole purchase price. The new £175,000 threshold, increased from £125,000, will remain in place up to and including 2 September 2009.
This new threshold will apply to all transactions between 3 September 2008 and 2 September 2009.
If the property is more than £175,000, you will pay between one and four per cent of the whole purchase price, on a sliding scale, as detailed below.
Stamp Duty Land Tax Thresholds
Residential property - purchase price |
Rate of Stamp Duty Land Tax |
up to £175,000 |
0% |
£175,001 - £250,000 |
1% |
£250,001 - £500,000 |
3% |
£500,001 or more |
4% |
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