What are the house stamp duty rates at the moment?

Are you getting set ot make the purchase of a lifetime and buy your first home? It's an exciting time for you, but also one that is fraught with financial costs as the bills keep piling in, making an already big cost a truly gargantuan one!

Perhaps the most annoying of these costs is Stamp Duty, or Stamp duty Land Tax to give it the full and proper title. Stamp duty Land Tax is a tax on certain vital documents that it's impossible to complete a house purchase without owning.

If you're buying, then it's important to be aware of the house stamp duty rates in the UK at the moment with regards to new homeowners. The UK Government has an excellent initiative in place right now that runs until 24th March 2012 that raises the threshold on Stamp Duty Land Tax for first time buyers to £250,000, so there's literally never been a better time to buy.

The current Stamp duty rates in the UK are as follows: Up to £125,000 = Zero, Over £125,000 to £250,000 = 1%, Over £250,000 to £500,000 = 3%, Over £500,000 to £1 million = 4%, Over £1 million = 5%. So factor these into the price of your house when buying, and don't get caught out!

To help you figure out the cost of Stamp Duty, we've included a helpful calculator which will do the sums for you - http://www.thisismoney.co.uk/stamp-duty-homes-calculator. Hopefully this helps!

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