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Stamp Duty Land Tax is a tax payable on all property like houses, flats, other buildings and land with a purchase price of over £120,000. The amount you will have to pay is based upon the selling price of your home. Currently the scale charges are as follows:
Up to £120,000 = nil
£
120,001 to £250,000 = 1%
£
250,001 to £500,000 = 3%
More than £500,000 = 4%
If you're buying a property an area designated by the government as 'disadvantaged', you don't pay any Stamp Duty Land Tax if the purchase price is £150,000 or less.
NB - these figures are set by the Government, and are subject to change. |
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