We investigage how much is stamp duty in England?
Stamp Duty, or Stamp Duty Land Tax, as it's now known in the UK, is a bane in the lives of everyone who is buying a home. If you're starting your search for a home, then in this blog we've rounded up just how much Stamp Duty you'll be expected to pay on a property if you wish to purchase it.
A common misconception is that Stamp Duty Land Tax is a tax on the house you are buying, it's not. Instead it is a tax on some important documents that are needed to complete the purchase of a property. The tax rate and treshold before which you have to make any payments will vary depending on whether the property is in residential or non-residential use, and whether it is a freehold or leasehold.
If we take it that the property is for residential use, then the figures charged are as follows. Up to £125,000 value you will pay zero Stamp Duty. Over £125,000 to £250,000 you will pay 1% Stamp Duty, Over £250,000 to £500,000 you will pay 3% Stamp Duty, Over £500,000 to £1 million you will pay 4% Stamp Duty. finally, Over £1 million spent on your property will see you pay 5% Stamp Duty.
Right now, the UK government are looking to help out first time buyers, so they will pay no Stamp Duty on any property up to £250,000. This offer applies until a deadline of 24th March 2012, so get your skates on!
how much is stamp duty in england