Is stamp duty free for houses priced at £125,000?
Asked on Jul 7 2012,
House Prices in Bradford |
The rate of stamp duty is dependent on the value of a home. The tax is payable by the purchaser when a property is sold. Since March 24th 2012 stamp duty rates for first time buyers have reverted to normal levels and a new higher stamp duty rate has been introduced for more expensive homes. Concessionary stamp duty rates were introduced for first time buyers for a period of two years from April 2010. This meant first time buyers wouldn't have to pay stamp duty on any house purchased up to the value of £250,000. This concessionary stamp duty rate replaced the normal 1% and 3% stamp duty rates and applied to first time buyers only. First time buyer stamp duty rates were valid until 24th March 2012. Following the Budget a new stamp duty rate has been introduced for the most expensive homes. From 21st March 2012 the new stamp duty rate of 7% will be applied to the sale price of a house if the figure exceeds £2 million pounds.
Answered on Nov 15 2012,
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