Stamp Duty
Stamp duty is a tax that is payable upon every purchase of residential property and land acquisitions within the U.K. It only applies to a purchase and not a sale.
The current level of duty is as follows :
Up to a purchase price of £175,000 – 0%
From £175,001 upto £250,000 - 1%
From £250,001 upto £500,000 - 3%
From £500,001 and above - 4%
If a property were being purchased in a recognised government “disadvantaged area” then no tax is payable upto a purchase price of £150,000.
Your chosen solicitor can explain how and when this is paid. |
