Legal
Updates
Relaxation of Stamp Duty
From the 3rd September 2008, for a period of one year only, the Chancellor
raised the starting point for Stamp Duty on residential property so
that the rates payable are as follows:-
| Purchase price/lease premium or transfer value |
SDLT rate
|
| |
|
| Up to £175,000 (until 2 September 2009) |
Zero
|
| Over £175,000.00 to £250,000 |
1%
|
| Over £250,000 to £500,000 |
3%
|
| Over £500,000 |
4%
|
If the value is above the payment threshold, SDLT is charged at the
appropriate rate on the whole of the amount paid. For example, a house
bought for £180,000 is charged at 1 per cent so £1,800 must
be paid in SDLT. A house bought for £350,000 is charged at 3 per
cent so SDLT of £10,500 is payable.
