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Stamp Duty  

 

If you buy a property in the UK over a certain purchase price you have to pay Stamp Duty Land Tax. This is charged on all purchases of houses, flats and other land and buildings.

New thresholds introduced from 3 September 2008 mean that if you buy property and the purchase price is £175,000 or less you don't pay any Stamp Duty Land Tax at all.
If it's more than £175,000, you pay between one and four per cent of the whole purchase price. The £175,000 threshold (up from £125,000) will remain in place up to and including 2 September 2009.

Residential property - purchase priceRate of Stamp Duty Land Tax
up to £175,000 (until 2 September 2009 inclusive)0%
£175,001 - £250,0001%
£250,001 - £500,0003%

£500,001 or more

4%

Property in disadvantaged areas

Properties bought in areas designated by the government as ‘disadvantaged’ have historically qualified for Disadvantaged Area Relief (whereby the SDLT threshold was higher than for other residential properties). This relief will not apply for property purchases between 3 September 2008 and 2 September 2009 inclusive.
Instead the Stamp Duty Land Tax threshold will be the same as for all other property as shown above. The new threshold is higher than the previous Disadvantage Area Relief threshold of £150,000.
For more information on Stamp Duty visit - www.hmrc.gov.uk/so/rates/