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What are the current stamp duty rates?

If you are about to splash the cash on a new home, be it your first, or an upgrade to your current abode, then you're probably well aware of the sting in the tail that will be presented by Stamp Duty. It's the bane of every home owner in the UK's life after all!

Stamp Duty, or Stamp Duty Land Tax as it's currently known, can add quite an amount on to the value of a house, so it's absolutely vital that you are aware of the current stamp duty rates. In this blog we'll talk you through the various rates you'll likely have to pay on your home.

The good new for first time buyers is that the government has you covered with a brilliant scheme at the moment that seriously limits the amount of Stamp Duty Land Tax you will have to pay. Until the 24th March 2012, first time buyers will pay zero Stamp Duty Land Tax on properties costing up to £250,000.

For everyone else, they will incur the following rates when they purchase a home: Up to £125,000 = zero Stamp Duty Land Tax, Over £125,000 to £250,000 = 1% Stamp Duty Land Tax, Over £250,000 to £500,000 = 3% Stamp duty Land Tax, Over £500,000 to £1 million = 4% Stamp Duty Land Tax, Over £1 million = 5% Stamp Duty Land Tax.

So, as you can see, Stamp Duty Land Tax can add quite a bit to the value of a property, don't get caught out!

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