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Stamp Duty in the UK is the quaint old term for the government's slice of the action on your home purchase. That's right it's a tax.
It’s not just the seller who makes money when you buy a house. The Government gains too – in the form of stamp duty.
It makes around £5 billion a year from this 300-year-old property transfer tax.
Unless you’re buying in an area it has designated as ‘disadvantaged’, you’ll be obliged to pay if your chosen property costs more than £125,000.
Stamp Duty Holiday for First Time Buyers
Stamp Duty Calculator / How much you will owe
The amount charged depends on the purchase price of the property. The latest rates for UK Stamp Duty are as follows:
Purchase
price of property |
Stamp Duty Payable |
Up to £250,000 first
time buyers only * |
0 |
Up to £125,000 |
0 |
£125,001 to £250,000 |
1% |
£250,001
to £500,000 |
3% |
£500,001 to £1 million |
4% |
£1 million
plus From 6 April 2011 |
5% |
* This applies only to first time buyers.
Read More about
Stamp Duty Holiday for First Time Buyers
Stamp Duty Calculator / How much you will owe
Stamp duty is one of the most commonly used tools when the Government are trying to adjust public finances and / or bribe the electorate.
Most recently in the budget of March 2010 stamp duty for first time buyers was removed for properties below £250,000.
At the same time a new limit of £1 million plus was added (to take effect from 6/4/2011) where buyers would have to pay 5% stamp duty. (The previous top limit was £501,000 plus)
To read more on this subject please see the list below or your mortgage guide or your home buying guide
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If the property you’re buying is in an area the Government considers to be disadvantaged, it will be exempt from stamp duty if it costs £150,000 or less.
Revenue & Customs has an online database where you can check whether any property you’re interested in qualifies for this exemption.
Click on the link for a list of qualifying areas in each part of the UK:
To see the exact amount you would pay for a property see the Stamp Duty Calculator
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Please note, this information is NOT necessarily RELEVANT in Scotland
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