Good news for homebuyers - Increased Stamp Duty Threshold
New thresholds introduced from 3 September 2008 mean that if you buy property and the purchase price is £175,000 or less you don't pay any Stamp Duty Land Tax at all. If it's more than £175,000, you pay between one and four per cent of the whole purchase price. The £175,000 threshold (up from £125,000) will remain in place up to and including 2 September 2009.
The new rates are as follows;
| Residential Property Purchase Price | Rate of Stamp Duty |
|---|---|
up to £175,000 (until 2 September 2009 inclusive) |
0% |
£175,001 - £250,000 |
1% |
£250,001 - £500,000 |
3% |
£500,001 or more |
4% |
