Stamp Duty Rates
2011 budget latest
Residential property - purchase price
Rate of Stamp Duty Land Tax
£0 up to
£125,000 - 0% of the property value charged
£125,001 - £250,000
- 1% of the property value charged
£250,001 -
£500,000 - 3% of the property value charged
£500,001 - £999,999 - 4% of the property value
charged
£1million
+
- 5% of the property value charged
First time buyer exemption for
stamp duty on property valued £250,00 or less
Exemptions: First time buyer's exemption for 2 years as of midnight 24-3-2010 on purchases
up to £250,000
To qualify for exemption from stamp duty the first time buyer
must not have owned other property before ANYWHERE in the world, nor
their partner. Stamp duty exemption for first time buyers will then
be 0% (Note - proof is required, fraud could mean fines of £5,000
or custodial sentences.)
Stamp Duty - Budget 2010
"Alistair Darling told MPs the Government would increase the tax to five per cent in order to pay for the scrapping of stamp duty on properties under £250,000
for first-time buyers.
Mr Darling said the change, which will apply this year and next year, meant nine out of 10 first-time buyers would not pay the duty.
He will raise the money for this by hitting higher-earners - stamp duty on properties worth over £1m will increase to 5%."
Stamp Duty rates latest from HM Revenue & Customs
Stamp
Duty land and tax rates latest from HMRC (external link to
HMRC)
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