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Gordon & Rumsby: 2012 Budget Changes To Stamp Duty

April 6, 2012

Gordon & Rumsby Estate Agents: Wishing You Happy Easter 2012.

2012 Changes To Stamp Duty.

If you buy property in the UK over a certain value you have to pay Stamp Duty Land Tax (SDLT). This is charged on all purchases of houses, flats and other land and buildings.

Stamp Duty Land Tax thresholds changed in March 2012 for homes over £2 million, and the first time buyer’s relief has ended. The following is the new amount of SDLT that buyers of residential property in the UK will now pay:

Purchase price:

  • £125,000 and under: no stamp duty.
  • £125,001 – £250,000: 1% stamp duty.
  • £250,001 -£500,000: 3% stamp duty.
  • £500,001 -£1,000,000:  4% stamp duty.
  • £1,000,001 – £2,000,000: 5% stamp duty.
  • £2,000,000 plus: 7% stamp duty.

And residential homes over £2m bought ‘into a corporate envelope’ will have to pay 15% Stamp Duty.

A buyer will have 30 days from completion to pay the tax.

Contact Gordon & Rumsby on 01297 553768 or 01460 30888 or through our Contact Us Page.

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