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Stamp Duty |
Stamp Duty is a tax charged by the Government and is charged by way of a percentage of the price that is paid for the property.
Stamp Duty is also payable in the following circumstances:
BUDGET 2003 UPDATE
Stamp Duty has been frozen on residential property purchases.
| £0 - £60,000 @ 0% |
| £60,000.01 - £250,000 @ 1% |
| £250,000.01 - £500,000 @ 3% |
| £500,000.01 and over @ 4% |
There are also certain "Wards" which are exempt from Stamp Duty up to £150,000.
You can check whether the property you are proposing to purchase is in a disadvantaged area by using the Inland Revenue's Post Code Checker which is on their web site. Please make sure you are connected to the Internet to use their service.