Stamp Duty (stamp duty land tax)

Payable by the buyer on completion of the purchase. It is based on a percentage of the purchase price:-

1% of a purchase price over £125,000

3% of a purchase price over £250,000

4% of a purchase price over £500,000

From 25 March 2010 to 25 March 2012, there is relief from stamp duty for first time buyers on purchase prices up to £250,000. Advice should be sought as to the definition of first time buyers, but it would appear to be restricted to those buyers who have not previously owned a property anywhere in the world and whose purchase is their only or main home.

With effect from 6 April 2011, stamp duty of 5% will be payable on purchase prices over £1 million.

NOTE: Although every effort has been made to ensure that the information on this website is accurate, its accuracy is not guaranteed and should not be relied upon.