Stamp Duty Land Tax is payable by property purchasers in different amounts via the conveyancing solicitor, depending on the purchase price of the house.
Stamp Duty Payable:
|Puchase Price of Property ||Stamp Duty payable - as a percentage of the purchase price. |
|0 - £125,000 ||0% payable |
|£125,001 - £250,000 ||1% payable |
|£250,001 - £500,000 ||3% payable |
|£500,001 - £999,999 ||4% payable |
|£1,000,000 and over ||5% payable |
Note - Genuine first time buyers - those who have never owned or part-owned any residential property in the UK or abroad before and who will be owner-occupiers will be exempt from stamp duty land tax on properties worth up to £250,000 if the completion date is before 26th March 2012. Join purchasers will both have to be genuine FTBs to benefit form this exemption. Leasehold properties must have leases of longer than 21 years remaining to qualify.
The tax is payable on the completion of the purchase of your home.
Some property developments offer stamp duty land tax exemption if they are in a regeneration area and some offer stamp duty paid special offers.
Contributed by Helen Adams, Managing Director of www.FirstRungNow.com
See Also: Help for First Time Buyers (0)