Note: See this post on Stamp Duty changes in the budget on 24th March 2010.
Stamp Duty Land Tax is a tax placed on property, which depends on the value of the property bought. Currently houses below £125,000 are exempt from the tax, and the tax for higher value properties is shown below:
|Property value||Stamp Duty|
|£125,000 – £250,000||1%|
|£250,000 – £500,000||3%|
News: The chancellor has declared that from 25th March 2010 until 25th March 2012, there will be no stamp duty to pay for first-time buyers who are purchasing a property worth less than £250,000.
To the annoyance of many a house buyer, the stamp duty applies to the full value of the property, not just the part in the stamp duty band. So for example, you would pay no stamp duty on a property worth £124,000, but you would pay £1,250 on a property worth £125,000.
The £125,000 threshold for when you start to pay Stamp Duty was introduced again on 1 January 2010. The starting rate was increased to £175,000 for purchases made between 3 September 2008 and 31 December 2009 to help the property market.
To calculate the stamp duty you would have to pay for a certain price property, enter the price below and hit ‘Submit’ to calculate your stamp duty amount.