Stamp Duty Tax relief for the first £250,000 for first time buyers ended on the 24th March 2012, and the new rates are as follows:
| Purchase price / lease premium or transfer value | Stamp Duty Land Tax rate |
| £0 up to £125,000 | 0% |
| Over £125,000 up to £250,000 | 1% |
| Over £250,000 up to £500,000 | 3% |
| Over £500,000 up to £1,000,000 | 4% |
| Over £1,000,000 up to £2,000,000 | 5% |
| Over £2,000,000 | 7% |
| Over £2,000,000 and bought through a company | 15% |
If the value is above the payment threshold, Stamp Duty Land Tax (SDLT) is charged at the appropriate rate on the whole of the amount paid. For example, a house bought for £130,000 is charged at 1 per cent, so £1,300 must be paid in SDLT. A house bought for £350,000 is charged at 3 per cent, so SDLT of £10,500 is payable.
If you’re thinking of buying or selling, our Property team would be delighted to help. Speak to Sue Rzeznicki on 0117 906 9432
Source: HM Revenue and Customs
