Hey big spenders, get in quick to beat the tax rise
Stamp Duty Land Tax (SDLT) is charged on land and property transactions in the UK at the following rates. The duty is paid by the buyer.
Properties bought for £125,000 and below – zero stamp duty
£125,000 to £250,000 – one per cent, so if you buy a house for £200,000 you pay £2,000 in stamp duty.
£250,000 to £500,000 – three per cent
£500,000 and over – four per cent
The threshold for first-time buyers is £250,000 until March 2012
From April 6 this year, properties over £1m will attract a higher rate of five per cent. An estimated 10,000 to 15,000 buyers a year will pay the higher tax rate each year.