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Stamp duty rates.
The rate of
stamp duty is dependent on the value of a home. The tax is payable by the
purchaser when a property is sold.
Since March 24th 2012 stamp duty rates for first time buyers
have reverted to normal levels and a new higher stamp duty rate has been
introduced for more expensive homes.
Stamp duty rates for first time
buyers.
Concessionary stamp duty rates were introduced for first time buyers for a period of
two years from April 2010. This meant first time buyers wouldn't have to pay stamp duty on any
house purchased up to the value of £250,000.
This concessionary stamp duty rate replaced the normal 1% and 3% stamp duty
rates and applied to first time buyers only. First time buyer stamp duty rates
were valid until 24th March 2012.
Stamp duty rates for 2012.
Following the Budget a new stamp duty rate has been introduced for the most
expensive homes. From 21st March 2012 the new stamp duty rate of 7% will be
applied to the sale price of a house if the figure exceeds £2 Million pounds.
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Property value. |
Stamp duty rates. |
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2011/2012
stamp duty rates |
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Up to £125,000 |
0% |
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£125,001 - £250,000 |
1% |
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£250,001 - £500,000 |
3% |
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£500,001 - £1,000,000 |
4% |
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£1,00,001 - £2,000,000 |
5% |
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over £2,000,000 |
7% |
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