Stamp
duty
Stamp duty is a tax levied on the purchase of property and shares. When buying
property, the stamp duty is calculated as a percentage of the value of the
property, so the larger the property the higher the stamp duty. Properties
that are valued below £60,000 are exempt and there is a ceiling of 4%
of the value of any properties worth over £500,000.
In his pre-budget statement of November 2001, the Chancellor of the Exchequer
announced that, from 30th November 2001, properties valued between £60,000
and £150,000 in certain disadvantaged areas would be exempt from stamp
duty. The areas to which this ruling applies can be found on the Inland Revenue's
website at http://www.inlandrevenue.gov.uk/so/disadvantaged.htm
These are the current rates of stamp duty in the UK:
Property worth up to £60,000 - nil
£60,001-£250,000 - 1% of the value
£251,000-£500,000 - 3& of the value
£500,000+ - 4% of the value
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of your personal circumstances. The articles are intended to provide general
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