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Stamp duty
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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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property investing
property refurbishment
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development
building
buying overseas property
moving house
home letting
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home improvements
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6 up & comming areas
5 signs that an area is up & comming
city types yearn for the country in town
your place in the sun
equity release
planning permissions & extensions
estate agents
rent or buy
buy to let
mortgage overpayment
mortgage endowments
mortgage protection
stamp duty
self build your home
electrical surveys
the cost of moving in
the perfect neighbourhood
council tax
house price league
good neighbours
stamp duty land tax
top 20 towns 2003
cut the cost of moving
interest rates
buying in scotland
dream homes
first time buyers
the worth of uk homes
bad estate agents
keeping up appearances
home improvements

Disclaimer

Please note that articles on this site & any other 'planning-approval' related web site does not constitute professional advice. All articles are intended to provide a general view of many subjects. We suggest you to consult a solicitor before making any important decisions.  The author is not an expert in any given field.

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