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Stamp duty is payable on the completion of property transaction – see the chart below for the rates

Stamp Duty Rates are set by the UK government, which are then payable to HM Revenue and Customs (HMRC) on completion of a property transaction.  The current percentages range from 0% (up to £125,000) to 12% for values over £1.5 million.  Stamp duty is quite possibly the biggest expense you’ll face when buying a property in the UK along with the mortgage but stamp duty is also payable on stock and share transfers.  There are many myths surrounding these duties, so we hope the following might help to de-mystify the situation.

Whilst stamp duty is an extra cost burden that home buyers face, the good news is that from 22nd November 2017, first-time buyers have not had to pay any stamp duty on the first £300,000 for property purchases up to £500,000.  To put this in context; there is no tax to pay up to £300,000 and then 5% is payable on the portion from £300,001 to £500,000.  If the property exceeds £500,000, then the standard rates apply.

The chart below shows the various thresholds and the amount in percentage terms that are currently payable through 2019 and until further notice.

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Current rates throughout 2019 – Source: HMRC

The tax is different if the property is in Scotland (Land and Buildings Transaction Tax) and Wales (Land Transaction Tax).