Tax on buying property
When purchasing property in the UK a tax – Stamp Duty Land Tax (SDLT) - is charged over certain threshold points. It is applicable to purchases of houses, flats, land & buildings.
For residential property the charge is currently applied as follows:
Property Purchase Price Rate of SDLT as % of total purchase price
£0 - £125,000
|
0% |
£125,001 - £250,000
|
1% |
£250,001 - £500,000
|
3% |
| £500,001 or more |
4% |
The government has applied a slightly higher zero threshold (0%) from £0 - £150,000 in certain areas they have designated as socially / economically deprived. This is known as Disadvantaged Area Relief.
For more detailed information on all aspects of SDLT please refer to the website of HM Revenue & Customs
You are now departing from the regulatory site of Mortgage of Choice.
Neither Mortgage of Choice nor Home of Choice Ltd is responsible for the accuracy of the information contained within the linked site.
Your home may be repossessed if you do not keep up repayments on your mortgage.
John Morgan trading as Mortgage of Choice is an Appointed Representative of Home of Choice Ltd which is authorised and regulated by the Financial Services Authority. Register No.302967 http://www.fsa.gov.uk/register/