business & tax

Stamp Duty 2010 - SDLT - Stamp Duty Land Tax known as Stamp Duty

In addition to the other fees and costs, if you are purchasing a property valued at £125,000.01 or more (£150,000 in disadvantaged areas) you will have to pay Stamp Duty.

Stamp Duty will be paid to the Government by your Solicitor on completion of the transaction and the amount due will depend upon the value of your property.

NOTE:  The temporary threshold for Zero Rate Stamp Duty of £175,000 was withdrawn on 31 December 2009.

• Properties valued at £125,000.00 or less attract zero stamp duty. *FIRST TIME BUYERS ONLY - properties valued at £250,000 or less attract zero stamp duty for purchases between 25 March 2010 and 25 March 2012
• Properties valued between £125,000.01 and £250,000 are subject to 1% of the property value
• Properties valued between £250,000.01 and £500,000 are subject to 3% of the property value
• Properties valued at more than £500,000.01 are subject to 4% of the property value.
• Properties valued at more than £1,000,000 will be subject to 5% of the property value with effect 6 April 2011.

Shared Ownership:  stamp duty land tax is not due on shared equity scheme property until ownership reaches 80%

Zero Carbon Flats:  No stamp duty land tax is payable on zero carbon flats purchased up to £500,000

Non Residential Property

The Rates are the same but the lower rate threshold is £150,000 not £125,000.