Latest UK Stamp Duty Rates 2011

 

      

 

     

 

    

UK Stamp Duty Rates 2014

Current Stamp duty Rates and Thresholds (SDLT) correct up to:      

Stamp Duty Rates 2014 are now as follows:

    

Purchase price/lease premium or transfer value SDLT rate What you will have to pay
£0 up to £125,000 0% £0.00
Over £125,000 up to £250,000 1% £1,250 - £2,500
Over £250,000 up to £500,000 3% £7,500 - £15,000
Over £500,000 up to £1,000,000 4% £20,000 - £40,000
Over £1,000,000 up to £2,000,000 5% £50,000 - £100,000
Over £2,000,000 7% £140,000 +
Over £2,000,000 and bought through a company 15% £300,000 +


Stamp Duty Exemptions

    

You can qualify for a Stamp Duty Exemption if your home costs less than £500,000 and is carbon-neutral. Environmentally friendly properties that cost more than £500,000 get a reduction of up to £15,000. But you must have a zero-carbon home certificate from an accredited assessor to qualify for this perk.

   

Stamp Duty exemptions for First Time Buyers

 

Further advice for First time home buyers advice and tips

    

         

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Useful Stamp Duty and other Property Related Websites

    

  Property Stamp Duty Calculator  Calculate your stamp duty with this House Stamp Duty Calculator  

  HMRC Stamp Duty Guidance Page  Government advice on UK Stamp Duty Rates  www.hmrc.gov.uk/so/index.htm

  Directgov Stamp Duty Help  Stamp Duty Act - The basics  http://www.direct.gov.uk

  Furniture Rental Companies  Need to Rent furniture? Click here for a company list  www.ukfurniturerental.co.uk

  Interior Design Ideas  Need Design ideas for a property? Click here for a company list  www.interior-design-ideas.co.uk

  Housewow Ltd   Need Show Home Services or a Property Makeover?  www.housewow.co.uk

       

 

 

 

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Devolved Stamp Duty taxation in Scotland from April 2015  

   

The Scotland Act 2012 now gives the Scottish Parliament new powers that will enable it to set a separate Scottish rate of income tax, however it will still be administered by HM Revenue and Customs (HMRC) for all Scottish taxpayers. This is expected to apply from April 2016 onwards. The Scotland Act also fully devolves the power to allow it to raise taxes on all land transactions and also on waste disposal to landfill.  This is expected to take effect from April 2015, at which point the existing UK wide Stamp Duty Land Tax and Landfill Tax will no longer apply in Scotland. The Scotland Act also provides powers for new taxes to be created in Scotland and for additional taxes to be devolved.

   

For all Scottish employees and pensioners, the Income Tax change will be applied through their PAYE (Pay As You Earn) scheme. HMRC will issue new Tax codes to all employers in the months leading up to April 2016 which will help to identify all those employees who are Scottish taxpayers. Employers will need to deduct tax at the appropriate new Scottish rates - which may or may not be - higher or lower than or the same as those which apply to the rest of the UK. The definition of a person who is a Scottish taxpayer will be based on the location of the individual's main place of residence. Further guidance will be available on this web page in due course.

  

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Stamp Duty Archive

    

2009 Stamp Duty Rates

The 2009 budget kept stamp duty thresholds zero rated for properties Up to £175,000 until 31st December 2009

Residential land or property Stamp Duty Land Tax rates and thresholds

Purchase price/lease premium or transfer value SDLT rate
Up to £175,000 (until 31 December 2009 - see note above) Zero
Over £175,000 to £250,000 1%
Over £250,000 to £500,000 3%
Over £500,000 4%

Stamp Duty Land Tax (SDLT) is charged on land and property transactions in the UK. The tax is charged at different rates and has different thresholds for different types of property and different values of transaction.

The tax rate and payment threshold can vary according to whether the property is in residential or non-residential use, and whether it is a freehold or leasehold. SDLT relief is available for certain kinds of property or transaction.

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.

Stamp Duty rates for residential property

The table below applies for all freehold residential purchases and transfers and the premium paid for a new lease or the assignment of an existing lease. (If the property will be used for both residential and non-residential purposes the rates differ - please see the section 'SDLT for non-residential or mixed use property'.)

New Stamp Duty thresholds from September 2008

The £175,000 threshold shown in the table applies from 3 September 2008 until 31 December 2009 inclusive (unless the lease is for less than 21 years - see the later section on this). The new threshold means that Disadvantaged Areas Relief, previously available for properties in areas designated as 'disadvantaged', doesn't apply during this period. Read more about this relief in section 'Properties bought in a disadvantaged area'.

New leases

If the transaction involves the purchase of a new lease with a substantial rent there may be an additional SDLT charge to that shown below, based on the rent. See the next section and further table 'SDLT on rent for new leasehold properties (residential)' for more detail.

Residential land or property SDLT rates and thresholds

Purchase price/lease premium or transfer value SDLT rate
Up to £175,000 (until 31 December 2009 - see note above) Zero
Over £175,000 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.

Special rules for residential leases of less than 21 years

Note that the temporary SDLT threshold of £175,000 for residential property transactions does not apply to:

  • the assignment of an existing lease which has less than 21 years to run
  • the grant of a lease for a term of less than 21 years

In these cases the normal thresholds of £125,000 (£150,000 if the property is situated in a disadvantaged area) apply.

Properties bought in a disadvantaged area

Disadvantaged Areas Relief (whereby residential properties bought in areas designated by the government as 'disadvantaged' had a higher SDLT threshold of £150,000) will not apply for residential only property purchases between 3 September 2008 and 31 December 2009 inclusive. Instead the SDLT threshold will be the same as for all other residential property as shown above. The only exception is where the lease is for less than 21 years - as described earlier.

Some property transactions in a disadvantaged area may have both residential and non-residential parts - eg a shop with a flat above. In this case the temporary £175,000 threshold between 3 September 2008 and 31 December 2009 inclusive does not apply. For SDLT purposes, the property value is apportioned on a fair and reasonable basis between the two uses. If the amount attributed to the residential element does not exceed £150,000 then Disadvantaged Areas Relief will apply to that element and a separate £150,000 threshold applies to the non-residential element.

      

 

 

 

History of Stamp Duty 2005

Home buyers given a stamp duty boost

The stamp duty threshold was been doubled to £120,000 in 2005 providing a welcome boost to UK homebuyers.

The move, announced by Chancellor Gordon Brown in his ninth Budget, should reduce the costs for people looking to buy their first home.

Regional house price differences mean that raising the threshold will have a greater impact in the north and west of the UK than in the south east.

About 100,000 homes will be available through shared ownership schemes.

 
  Raising the threshold will have little effect in the south of England but quite a major one in other parts of the UK  
Martin Ellis, Halifax

Regional differences

Fewer than one in 25 properties sold in London last year cost less than £120,000.

However, in the north east of England, two thirds of properties sold cost less than £120,000.

"Raising the threshold will have little effect in the south of England but quite a major one in other parts of the UK," Martin Ellis, Halifax chief economist, told BBC News.

But Mr Ellis does not believe that raising the threshold will reignite the UK housing market.

"Whenever the government has raised the stamp duty threshold in the past, it has had little or no impact on the housing market, this time is unlikely to be different."

Scepticism

Stamp Duty RatesMilan Khatri, chief economist at the Royal Institution of Chartered Surveyors (RICS), told BBC News that raising the threshold will not, on its own, enable first-time buyers to clamber onto the property ladder.

 

 

Milan Khatri, chief economist at the Royal Institution of Chartered Surveyors (RICS), told BBC News that raising the threshold will not, on its own, enable first-time buyers to clamber onto the property ladder.

"This grabs some nice headlines in the run-up to an election but doesn't do anything about affordability.

"It will be no easier to get a large-enough mortgage or save a sizeable deposit because of this move.

"First-time buyers will be pleased that they will have a little extra cash in their pockets at a time when usually money is short."

Tax take

The chancellor's announcement represents the first rise in the stamp duty threshold since 1993.

Then, buyers had a much greater chance of avoiding stamp duty, with close to half a million properties - in England and Wales alone -selling for less than £60,000.

However, average UK property prices have more than doubled in the past six years while the threshold for stamp duty has remained unchanged.

As a result, the number of properties incurring stamp duty has rocketed as has the government's tax take.

Halifax bank has estimated that revenue from stamp duty on house sales has risen from £465m in 1993-1994 to £4.3bn in the current tax year.

"The cost to the government of raising the threshold is small beer compared to the overall increase in the stamp duty take," Mr Ellis said.   

Will the stamp duty changes make a difference to house prices in the UK as first time buyers start to re-enter the housing market in larger numbers?

The housing market has been waiting for the budget results and for prices to stabilise.  Many would be buyers were hoping for good price reductions before making a move.  The housing market may gain more confidence from the Chancellor's new budget and sales may start to pick up.  It is certainly the right time of year when Spring comes the numbers of homeowners taking the plunge and marketing for sale always increases.

If you are about to put your house up for sale then take a few moments to consider how you can ensure the best price and a ready buyer when you are ready to move.  The 'Home Staging for Homeowners' eBook will provide all the best in presentation and sales marketing advice as used by many home Staging professionals.

Also a Home Staging on-line consultation will provide the answers for one room of the house and comes with a free whole home staging guide, viewings into sales advice. How can you afford to put your house on the market without giving it a go?

Click Here For Further Stamp Duty News

    

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