If you want to move home, it is important that you establish how much Stamp Duty you need to pay so that you can budget for this before making an offer.
Stamp Duty is a land tax which applies to any property purchase over £125,000.
Under the new system, the amount of Stamp Duty owed will work in a way much like income tax.
On residential properties, Stamp Duty can range between 0-12% dependent on the purchase price of the property.
|Property Purchase Price Band||Rate of Stamp Duty|
|£0 - £125,000||0%|
|£125,001 - £250,000||2%|
|£250,001 - £925,000||5%|
|£925,001 - £1.5 million||10%|
|Over £1.5 million||12%|