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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 £175,000. 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 £175,000 (until 2 Sept 2009 inclusive) = nil
£
175,001 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', historically you didn't pay any Stamp Duty Land Tax if the purchase price was £150,000 or less.
However until at least 2 Sept 2009, this benefit no longer applies. Instead the threshold will be the same as for all other property as shown in the table above as the new threshold is higher then the previous Disadvantaged Area Relief threshold of £150,000.
NB - these figures are set by the Government, and are subject to change. |
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