| Stamp Duty Land Tax | 13th Apr 2007 |
The current threshold for stamp duty land tax on residential property transactions is £125,000 with effect from 23rd March 2006.
However, for first time buyers with no previous propertry ownership whatsoever, the threshhold is currently £250,000.
The threshold for commercial property transactions is £150,000
Tax will be payable at 1% on the whole of the purchase price if it is more than £125,000 (residential) or £150,000 (commercial) but not more than £250,000 and 3% if the purchase price is more than £250,000 but less than £500,000. If the property is valued at more than £500,000 the stamp duty rate payable is 4%.
We can help you with any of your property queries and transactions, just contact the office most convenient for you.
Stamp Duty Summary:
Residential Properties:
£0 - 125,000 0%
£125,001 - 250,000 1%
£250,001 - 500,000 3%
£500,001+ 4%
(First time buyers with no previous propertry ownership)
Commercial Properties:
£0 - 150,000 0%
£150,001 - 250,000 1%
£250,001 - 500,000 3%
£500,001+ 4%
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